Daily Focus

Singapore Stock Pulse

Refer to important disclosures at the end of each report

DBS Equity Research 20 May 2020

Market Cap: US$37,268m | Average Daily Value: US$70.43m Yeo Kee Yan, CMT keeyan@dbs.com
Singapore Research Team

Last Traded Price: S$29.99; Price Target: S$33.20 (Upside 10.7%)

Research Call Alert
Sue Lin LIM / Rui Wen LIM
• Market View Update - Gradual reopening reinforces view for U-shaped recovery
Strong 1Q18; keep watch on dividends ahead

• 1Q18 earnings were in line; topline driven largely from higher NIM; lower trading
Market View Update
gains offset some revenues
Gradual reopening reinforces view for U-shaped recovery
Phased reopening from Circuit Breaker
• Credit costs at new low of 23bps, guidance at 20-25bps possibly towards the lower
Phase Anticipated duration Sectors affected Stocks
Phase 1 From: 2 June Manufacturing (e.g. electronics, e.g. SingTel, Starhub,
end; still some buffers noted under the Expected Credit
pharmaceutical, Lossesaerospace)
petroleum, line for other assets
SATS, manufacturing
Till: Estimated end-June & services companies
to mid-July Services (e.g. Finance, wholesale trade, with local operations
• Positive outlook ahead, topline growth logistics,supported
shipping, by lower credit costs; dividends
telecommunications)
should be sustainable at S$1.00 per year Retail,
Phase 2 From: Estimated end- F&B (dine-in),
and could head Education
higher (tuition e.g. CMT, FCT,
June to mid-July centres) Lendlease, Koufu,
Jumbo
• Maintain BUY; TP at S$33.20
Till: Stretches several (1.5x FY18 BV); higher dividends and lower credit
months
Phase 3 To be determined Entertainment (Cinemas, bars, e.g. Genting
costs are upside risks nightclubs)

Source: DBS Bank

Read more..DBS Group Research. Equity
• Singapore’s Circuit Breaker measures will be eased in phases starting 2 June and stretched for
30 months

• Phased reopening reinforces our economist’s view of a U-shaped (not V-shaped) recovery

- Quarterly
DBS Equity ResearchGDP contraction on y-o-y basis throughout 52020 and
June possibly into 1Q 2021
2018
- 2020 GDP forecast of -5.7% y-o-y

• Retail
Market Cap: outlets and F&B dine-in
US$37,268m to re-open
| Average Daily in early July
Value: → Slightly delayed positive for retail REITs -
US$70.43m
CapitaLand Mall Trust, Frasers Centrepoint Trust, Lendlease and F&B stocks Koufu and Jumbo

• Entertainment
Last Traded venues would
Price: S$29.99; Priceonly be reopened
Target: S$33.20months later 10.7%)
(Upside → would affect Genting Singapore as
an example

Sue Lin LIM / Rui Wen LIM

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

• Phase 1:

- To last at least 4 weeks from 2 June

- Manufacturing/production activities commence (e.g. electronics, pharmaceutical, petroleum,
aerospace, land transport)
- Selected services to open (e.g. financial/insurance, healthcare, wholesale trade,
logistics/storage, shipping, telco, land/air transport)
- Employees must still work from home where possible

• Phase 2

- Could start as soon as the beginning of July, to stretch up to several months

- Gradual re-opening of more businesses and facilities such as retail outlets and F&B dine-in,
sports, recreation and outdoor facilities
- Employees must still work from home where possible
- Slightly delayed positive for retail REITs - CapitaLand Mall Trust, Frasers Centrepoint Trust,
Lendlease - and F&B stocks Koufu and Jumbo

• Phase 3

- “New normal” until an effective vaccine or treatment for COVID-19 is found

- Business gatherings or events may resume with limited gathering sizes
- Entertainment venues and services that involve prolonged close contact can reopen with safe
distancing measures in place e.g. Genting Singapore

Ideas of the Day

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

Stocks to Watch
AEM Holdings
HOLD
Last Traded Price: S$3.11
Price Target (12-mth): S$2.87
Upside -7.7%

AEM to develop new test systems

• AEM and UTAC Holdings will jointly develop new test system solutions for complementary metal
oxide semiconductor (CMOS) image sensor products
• The solutions are expected to be cost-effective, scalable and adaptable to future product lines and
will be important to meet the growing demand for CMOS image sensor products

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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$0.660

# of shares: 1,500
Entry Price: S$3.550

Last Traded Price: S$2.940

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$2.940

Dividends
CapitaLand Retail China 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$1.310

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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

50,000
2,000,000

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

500,000
10,000

0 0
5-Mar
30-Jan
6-Feb

7-May
16-Jan
23-Jan

12-Mar
19-Mar
26-Mar
27-Feb
13-Feb
20-Feb

14-May
2-Apr
9-Apr
16-Apr
23-Apr
30-Apr
9-Jan

7-Mar
18-Jan

25-Jan

1-Feb

8-Feb

21-Mar

28-Mar
11-Jan

14-Mar

2-May

9-May
15-Feb

22-Feb

29-Feb

16-May
4-Apr

11-Apr

18-Apr

25-Apr
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, India, 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
7-Mar
14-Mar

2-May
9-May
1-Feb
8-Feb

21-Mar
28-Mar
11-Jan
18-Jan
25-Jan

15-Feb
22-Feb
29-Feb

16-May
4-Apr
11-Apr
18-Apr
25-Apr
16-Jan
23-Jan
30-Jan

7-May
14-May
6-Feb

5-Mar
12-Mar
19-Mar
26-Mar
13-Feb
20-Feb
27-Feb

2-Apr
9-Apr
16-Apr
23-Apr
30-Apr
9-Jan

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
2,530
2,581 2,610
2,650
Source: DBS Bank, Bloomberg Finance L.P.

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10 most active traded STI component stocks

Prices as of Mkt Cap
Company 19 May 20 Sector (S$m) Volume

Genting Singapore PLC 0.770 Consumer Services 9,290 34,583,500

Thai Beverage PCL 0.660 Consumer Goods 16,576 32,438,100
Singapore Telecommunications 2.700 Telecom 44,087 30,595,800
Ltd
CapitaLand Mall Trust 1.880 REITs 6,937 27,118,400
ComfortDelGro Corp Ltd 1.560 Consumer Services 3,379 25,532,200
Yangzijiang Shipbuilding Holdings 0.945 Industrial 3,703 23,721,716
Ltd
Singapore Airlines Ltd 3.700 Consumer Services 5,380 21,654,700
Mapletree Logistics Trust 1.830 REITs 6,955 21,518,800
CapitaLand Commercial Trust 1.610 REITs 6,218 17,982,200
Mapletree Commercial Trust 1.920 REITs 6,360 12,843,700

Source: Bloomberg Finance L.P.

Recent Reports
Report

Singapore Downstream Consumer: Will we see a spending shift post CB?

Singapore
Will we seeREITs: The next
a spending bigpost
shift testCB?
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
BUND CENTER INVESTMENT LTD DIVIDEND Rate: SGD 0.01 Per Security 20-May-20 29-May-20
SINGAPORE TECH ENGINEERING LTD DIVIDEND Rate: SGD 0.1 Per Security 20-May-20 29-May-20
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
OLAM INTERNATIONAL 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
FRASER AND NEAVE, 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
KEPPEL CORPORATION 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
UNITED OVERSEAS BANK 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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Singapore Stock Pulse

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
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
GKE Corporation Limited 15-May-2020 Share Buy-Back 300,000 0.0590
Global Investments Limited 15-May-2020 Share Buy-Back 1,000,000 0.1360
GRP Limited 15-May-2020 Share Buy-Back 86,000 0.1600
Singapore Press Holdings Limited 15-May-2020 Share Buy-Back 200,000 1.4700
Tuan Sing Holdings Limited 15-May-2020 Share Buy-Back 50,000 0.2250

Source: SGX

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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: 20 May 2020 09:34:52 (SGT)

Dissemination Date: 20 May 2020 10:28:00 (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, Hong Kong 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, CapitaLand Mall Trust, Frasers
Centrepoint Trust, Genting Singapore, SingTel, StarHub, SATS, 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, CapitaLand Mall Trust, 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, 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, Frasers
Centrepoint Trust, Koufu Group Limited, SATS, 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 31 Jan 2020.

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, Frasers Centrepoint Trust, SATS,, in the
past 12 months, 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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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. Nihal Vijaya Devadas Kaviratne CBE, a member of DBS Group Holdings Board of Directors, is a Director of StarHub as of 31 Mar 2020.
11. 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.

Disclosure of previous investment recommendation produced

12. 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 dbsvhk@dbs.com

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

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

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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 Thailand 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.
th
Dubai This research report is being distributed by DBS Bank Ltd., (DIFC Branch) having its office at units 608 - 610, 6 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: dbsvhk@dbs.com Fax: 603 2604 3921 e-mail: equityresearch@dbs.com
e-mail: general@alliancedbs.com 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
Bangkok 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: research@th.dbs.com e-mail: indonesiaresearch@dbs.com
Company Regn. No 0105539127012
Securities and Exchange Commission, Thailand

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