Co.

Reg No: 198700034E MICA (P) : 090/11/2009

Singapore
Company Update
3 January 2012

Hold (from Buy)

Share price: Target price: S$0.26 S$0.245(reduced)

Tuan Sing Holdings

A pause on the path
Downgrade to Hold. Tuan Sing Holdings (TSH) share price has underperformed the Straits Times Index in the past six months and may continue to reel from the impact of the new Additional Buyers Stamp Duty (ABSD) imposed on private residential property purchase. The uncertain office rental market has also weakened the possibility of redeveloping its old office buildings, once viewed as a positive catalyst. We cut our target price from $0.48 to $0.245. Downgrade to Hold. Property sales may slow down. TSH has two residential projects at Cluny Park and Seletar that are due to be launched in the new year. Property development is estimated to account for 53-73% of its pre-tax profit for FY11F-12F. Faced with the ABSD, which will crimp demand from foreigners and permanent residents/Singaporeans who are not first-time home buyers, TSH may have to dangle incentives to lure buyers a move that could lead to pressure on margins. Office redevelopment to take a backseat. Prime office rents look set to retreat this year amid the lingering Eurozone debt crisis and substantial new office supply. In 4Q11, occupancy rate fell 7.6ppt YoY to 89.1%. The negative outlook for Singapore office rents could once again delay the redevelopment of TSHs office properties. Coal trading business faces risks. TSH owns an 80.2% stake in SP Corporation, a tyre/auto product and commodities trading company. While coal trading volume is expected to have improved in 4Q11, the supply-side issues may still pose a risk to group earnings in FY12F. In addition, the challenging operating conditions could hamper potential acquisitions of coal mining assets in Indonesia. Trading at steep discount but The stock is trading at a steep 47% discount to its book value. However, the gloomy outlook for the broader market prompts us to downgrade our rating from Buy to Hold. Our SOTP-based target price is cut to $0.245 as we remove the incremental value from redevelopment and ascribe a discount to book value of 50%, in line with sector average.
Tuan Sing Holdings Summary Earnings Table
FYE Dec (S$ m) Revenue EBITDA Recurring Net Profit Recurring Basic EPS (S cts) EPS Growth (%) DPS (S cts) 2009A 220.2 49.2 47.8 4.2 1679.8 0.3 6.2 10.8 1.2 0.6 2010A 274.0 48.2 73.0 6.4 51.3 0.4 4.1 6.5 1.5 0.5 0.5 12.9 7.3 NA 2011F 221.2 32.8 23.7 2.1 -67.6 0.4 12.6 15.4 1.5 0.5 32.1 4.0 2.5 NA 2012F 276.5 48.9 36.8 3.2 55.6 0.4 8.1 8.7 1.5 0.5 17.5 5.8 4.0 NA 2013F 496.9 88.1 70.0 6.1 90.1 0.4 4.3 3.5 1.5 0.4 -0.8 9.9 6.7 NA

Anni KUM annikum@kimeng.com (65) 6432 1470

Stock Information
Description: Investment holding company with diverse interests spanning property development and investment, hotel investment, industrial services and production of printed circuit boards. Ticker: Shares Issued (m): Market Cap (US$ m): 3-mth Avg Daily Volume (m): ST Index: Free float (%): Major Shareholders: Nursalim family TSH SP 1,154.3 231.4 3.8 2,646.35 54.4 % 45.6

Key Indicators
ROE annualised (%) Net gearing (%): NTA/shr (S$): Interest cover (x): 3.5 32.1 0.49 6.1

Historical Chart

Performance: 52-week High/Low 1-mth Absolute (%) Relative (%) -3.7 0.9

S$0.42/S$0.24 3-mth 4.0 5.1 6-mth -25.7 -11.9 1-yr -33.3 -19.6 YTD 0.0 0.0

PER (x) EV/EBITDA (x) Div Yield (%) P/BV(x)

Net Gearing (%) 45.2 ROE (%) 9.7 ROA (%) 5.2 Consensus Net Profit (S$ m) NA Source: Company data, Kim Eng estimates

Kim Eng Research is a subsidiary of Malayan Banking Berhad

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Tuan Sing Holdings Limited

Figure 1: Singapore residential property development pipeline

Take-up rate (%) Forecast project ASP (S$psf) 2,200.0 1,000.0 1,000.0 1,200.0 25.0 Effective group interest (%) 100.0 100.0 70.0 100.0 Project revenue (S$m) 181.2 300.0 91.8 391.7 Breakeve n cost (S$psf) 1,962.2 795.1 771.2 1,016.7

Future launches Singapore Serene House Seletar Road Mont Timah Upper Serangoon Source: Kim Eng

Location Cluny Park Road Seletar Road Hindhede Drive Upper Serangoon/Pheng Geck Ave

2011

2012 15.0 30.0 20.0 5.0

2013 35.0 50.0 20.0 50.0

2014 50.0 20.0 20.0 45.0

Figure 2: Singapore small cap property players price-to-book

Name SC Global Developments Ltd Ho Bee Investment Ltd Sim Lian Group Ltd Wing Tai Holdings Ltd Average Source: Bloomberg Price ($) 0.98 1.03 0.47 0.96 P/B (x) 0.6 0.4 0.7 0.4 0.5

Figure 3: Singapore office property redevelopment scenario

Current NLA (sq ft) Robinson Towers International Factors Building Back lane to Robinson Towers 86,724.74 48,179.22 839.58 134,903.96 Base Case Redeveloped NLA (sq ft) 132,977.94 73,874.80 11,586.26 218,439.00 Bear Case Redeveloped NLA (sq ft) 132,977.94 73,874.80 11,586.26 218,439.00 Bull Case Redeveloped NLA (sq ft) 132,977.94 73,874.80 11,586.26 218,439.00

Market rental rate (S$psf pm) Gross rent (S$m) Net property income (S$m) Valuation (S$m) - Per NLA (S$)

6.8 11.01 8.48 162.87 1,207.29

9.2 23.98 18.47 465.19 2,129.62

7.5 19.66 15.14 336.40 1,540.00

11.5 30.14 23.21 584.67 2,676.57

Estimated GFA (sq ft) Construction cost including development charge (S$m) Incremental NAV (S$m) - Per share (S$)

150,732.87

242,710.00 137.08 165.24 0.14

242,710.00 149.22 24.31 0.02

242,710.00 132.23 289.57 0.25

Probability Probability weighted incremental NAV (S$m) - Per share (S$) Source: Kim Eng

50%

30%

20% 147.83 0.13

3 January 2012

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Tuan Sing Holdings Limited

Figure 4: Sum-of-the-parts valuation

Valuation Investment Properties Robinson Towers + adjacent land International Factors Building The Oxley Century Warehouse S$m 103.2 64.0 42.2 11.4 220.8 Less: Book value Surplus from investment properties 304.8 (84.0) (0.07) S$ per share

Surplus from property developments

119.4

0.10

Surplus from listed and other investments

16.5

0.01

SP Corp, GulTech and GHG

Book value (as at 4Q10)

564.4

0.49

SOTP

616.3

0.54

Ascribed discount to book value of $0.49

50%

Fair value/Target price Source: Kim Eng

0.245

3 January 2012

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Tuan Sing Holdings Limited

PROFIT AND LOSS FYE Dec (S$ m) Sales Cost of goods sold Gross profit Other Income Distribution costs Administrative expenses Other operating expenses Share of associates' profits Finance income Finance costs Profit b/f tax & exceptionals Exceptional items Profit before tax Income tax write-back / (exp) Profit from continuing ops Loss from discontinued ops Profit for the year Minority interests Net profit to shareholders EBITDA EPS after exceptionals (S cts) BALANCE SHEET FYE Dec (S$ m) Total assets Current assets Cash & ST investment Trade & other debtors Inventories Development prop Assets held for sale Non-current assets Net fixed assets Investment prop Investment in assoc Others Total liabilities Current liabilities Trade & other creditors ST borrowings Others Long-term liabilities LT borrowings Others Shareholder's equity Share capital Reserve Minority interests 2009 928.6 502.1 93.9 55.0 17.2 90.7 245.3 426.5 12.3 261.7 152.5 0.0 426.4 266.6 82.7 175.6 8.2 159.8 145.4 14.4 492.3 158.2 334.1 9.9 2010 994.9 508.1 191.9 70.9 4.4 240.9 0.0 486.7 5.9 304.8 175.6 0.3 418.6 261.8 205.6 52.6 3.6 156.8 142.1 14.6 564.4 160.0 404.4 11.9 2011F 965.9 479.2 94.6 49.1 7.4 328.0 0.0 486.7 5.9 304.8 175.6 0.3 360.1 109.0 52.8 52.6 3.6 251.1 236.5 14.6 592.6 160.0 432.6 13.2 2012F 911.2 424.5 75.3 61.4 8.9 278.8 0.0 486.7 5.9 304.8 175.6 0.3 262.9 111.8 55.6 52.6 3.6 151.1 136.5 14.6 634.1 160.0 474.1 14.2 2013F 1,045.2 558.5 195.1 110.4 16.0 237.0 0.0 486.7 5.9 304.8 175.6 0.3 321.2 170.2 114.0 52.6 3.6 151.1 136.5 14.6 708.7 160.0 548.7 15.3 2009 220.2 -167.6 52.6 5.4 -5.5 -10.8 -3.9 9.5 1.0 -8.5 39.9 11.1 51.0 -2.9 48.1 -5.3 42.8 1.9 47.8 49.2 4.2 2010 274.0 -223.9 50.1 2.2 -4.0 -9.2 -2.1 9.8 3.0 -5.1 44.7 38.3 83.0 -9.5 73.5 -5.0 68.5 -0.2 73.0 48.2 6.4 2011F 221.2 -184.8 36.4 2.3 -4.4 -9.6 -2.2 10.4 2.1 -4.8 30.1 0.0 30.1 -5.1 25.0 0.0 25.0 -1.3 23.7 32.8 2.1 2012F 276.5 -222.6 54.0 2.4 -5.5 -10.1 -2.4 10.5 1.5 -6.0 44.4 0.0 44.4 -7.5 36.8 0.0 36.8 0.0 36.8 48.9 3.2 2013F 496.9 -398.9 98.0 2.6 -9.9 -10.6 -2.5 10.6 1.0 -4.7 84.4 0.0 84.4 -14.3 70.0 0.0 70.0 0.0 70.0 88.1 6.1

CASH FLOW FYE Dec (S$ m) Operating cash flow Pretax profit Op cashflow b/f wc changes Change in working capital Interest received Income tax paid Investment cash flow Net capex Net additions to invt prop Change in other assets Financing cash flow Change in share capital Net change in debt Div paid to s/holders Change in other LT liab. Net cash flow Free cash flow 2009 93.4 45.9 35.7 62.8 0.9 -6.1 -12.0 6.6 -33.6 15.0 -9.3 0.0 2.2 -0.2 -11.3 72.0 81.3 2010 -20.4 77.9 37.9 -47.4 2.3 -13.2 248.1 -1.5 245.2 4.5 -124.7 0.0 -116.8 -1.6 -6.3 103.0 227.7 2011F -179.9 30.1 44.3 -221.2 2.1 -5.1 -2.3 -1.6 -0.7 0.0 84.9 0.0 94.3 -4.6 -4.8 -97.3 -182.2 2012F 93.7 44.4 61.5 38.2 1.5 -7.5 -2.4 -1.7 -0.7 0.0 -110.6 0.0 -100.0 -4.6 -6.0 -19.3 91.3 2013F 131.6 84.4 100.8 44.1 1.0 -14.3 -2.5 -1.8 -0.8 0.0 -9.3 0.0 0.0 -4.6 -4.7 119.8 129.1

KEY RATIOS FYE Dec Growth (% YoY) Sales Operating profit EBITDA Net profit EPS Profitability (%) Gross margin Operating margin EBITDA margin Net margin ROA ROE Stability Gross debt(cash)/equity (%) Net debt(cash)/equity (%) Int. coverage (x) Current ratio (x) Net debt/(cash) (S$ m) Per share data (S$) EPS CFPS BVPS SPS EBITDA/share DPS 4.2 8.2 43.3 19.4 4.3 0.3 6.4 -1.8 49.2 23.9 4.2 0.4 2.1 -15.7 51.7 19.3 2.9 0.4 3.2 8.2 55.3 24.1 4.3 0.4 6.1 11.5 61.8 43.3 7.7 0.4 63.9 45.2 5.6 1.9 227.1 33.8 0.5 9.3 1.9 2.8 47.7 32.1 6.8 4.4 194.4 29.2 17.5 8.2 3.8 113.7 26.1 -0.8 18.6 3.3 -6.1 23.9 18.1 22.3 21.7 5.2 9.7 18.3 16.3 17.6 26.6 7.3 12.9 16.4 13.6 14.9 10.7 2.5 4.0 19.5 16.1 17.7 13.3 4.0 5.8 19.7 17.0 17.7 14.1 6.7 9.9 -9.1 178.9 116.0 1679.8 1679.8 24.5 12.1 -2.0 52.5 51.3 -19.3 -32.7 -31.8 -67.6 -67.6 25.0 47.5 48.9 55.6 55.6 79.7 90.1 80.1 90.1 90.1 2009 2010 2011F 2012F 2013F

Source: Company, Kim Eng

3 January 2012

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Tuan Sing Holdings Limited

ANALYSTSCOVERAGE/RESEARCHOFFICES

MALAYSIA
WONG Chew Hann, CA Head of Research (603) 2297 8686 wchewh@maybank-ib.com Strategy Construction & Infrastructure Desmond CHNG, ACA (603) 2297 8680 desmond.chng@maybank-ib.com Banking - Regional LIAW Thong Jung (603) 2297 8688 tjliaw@maybank-ib.com Oil & Gas Automotive Shipping ONG Chee Ting (603) 2297 8678 ct.ong@maybank-ib.com Plantations Mohshin AZIZ (603) 2297 8692 mohshin.aziz@maybank-ib.com Aviation Petrochem Power YIN Shao Yang, CPA (603) 2297 8916 samuel.y@maybank-ib.com Gaming Regional Media Power WONG Wei Sum (603) 2297 8679 weisum@maybank-ib.com Property & REITs LEE Yen Ling (603) 2297 8691 lee.yl@maybank-ib.com Building Materials Manufacturing Technology Farouq Azizul MAHMUD (603) 2297 8687 farouq@maybank-ib.com Automotive LEE Cheng Hooi Head of Retail chenghooi.lee@maybank-ib.com Technicals

SINGAPORE
Stephanie WONG Head of Research (65) 6432 1451 swong@kimeng.com Strategy Small & Mid Caps Gregory YAP (65) 6432 1450 gyap@kimeng.com Conglomerates Technology & Manufacturing Telcos - Regional Rohan SUPPIAH (65) 6432 1455 rohan@kimeng.com Airlines Marine & Offshore Wilson LIEW (65) 6432 1454 wilsonliew@kimeng.com Hotel & Resort Property & Construction Anni KUM (65) 6432 1470 annikum@kimeng.com Conglomerates REITs James KOH (65) 6432 1431 jameskoh@kimeng.com Finance Logistics Resources Eric ONG (65) 6432 1857 ericong@kimeng.com Marine & Offshore Transportation Energy OOI Yi Tung (65) 6433 5712 ooiyitung@kimeng.com Property & Construction YEAK Chee Keong, CFA (65) 6433 5730 yeakcheekeong@kimeng.com Retail & Consumer Engineering Infrastructure Alison FOK (65) 6433 5745 alisonfok@kimeng.com Services

PHILIPPINES
Luz LORENZO Head of Research +63 2 849 8836 luz_lorenzo@atr.com.ph Strategy Laura DY-LIACCO (63) 2 849 8840 laura_dyliacco@atr.com.ph Utilities Conglomerates Telcos Lovell SARREAL (63) 2 849 8841 lovell_sarreal@atr.com.ph Consumer Media Cement Mining Kenneth NERECINA (63) 2 849 8839 kenneth_nerecina@atr.com.ph Conglomerates Property Ports/ Logistics Katherine TAN (63) 2 849 8843 kat_tan@atr.com.ph Banks Construction

VIETNAM
Michael Kokalari, CFA Head of Research (84) 838 38 66 36 x 116 michael.kokalari@kimeng.com.vn Strategy Nguyen Thi Ngan Tuyen (84) 838386636 x163 tuyen.nguyen@kimeng.com.vn Conglomerates Confectionary and Beverage Oil and Gas Ngo Bich Van (84) 838 38 66 36 x 171 van.ngo@kimeng.com.vn Banking Insurance Nguyen Quang Duy (84) 838386636 x162 duy.nguyenquang@kimeng.com.vn Industrial Property Trinh Thi Ngoc Diep (84) 422 21 22 08 x 102 diep.trinh@kimeng.com.vn Property & Construction Power Dang Thi Kim Thoa (84) 838 38 66 36 x 164 thoa.dang@kimeng.com.vn Consumer Services Hoang Nam Phu (84) 838 38 66 36 x 171 phu.hoang@kimeng.com.vn Technology & Telecom Transport Resources Truong Quang Binh (84) 838386636 x169 quangbinh.truong@kimeng.com.vn Pharmaceutical Plantation & Fishery

HONG KONG / CHINA

Edward FUNG Head of Research (852) 2268 0632 edwardfung@kimeng.com.hk Construction Ivan CHEUNG (852) 2268 0634 ivancheung@kimeng.com.hk Property Industrial Ivan LI (852) 2268 0641 ivanli@kimeng.com.hk Banking & Finance Jacqueline KO (852) 2268 0633 jacquelineko@kimeng.com.hk Consumer Staples Andy POON (852) 2268 0645 andypoon@kimeng.com.hk Telecom & related services Samantha KWONG (852) 2268 0640 samanthakwong@kimeng.com.hk Consumer Discretionaries Alex YEUNG (852) 2268 0636 alexyeung@kimeng.com.hk Industrial

INDONESIA
Katarina SETIAWAN Head of Research (62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy Telcos Rahmi MARINA (62) 21 2557 1128 rmarina@kimeng.co.id Banking Multifinance Lucky ARIESANDI, CFA (62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Heavy Equipment Oil & gas Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.co.id Generalist Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.co.id Technicals

ECONOMICS
Suhaimi ILIAS Chief Economist (603) 2297 8682 suhaimi_ilias@maybank-ib.com Luz LORENZO Economist (63) 2 849 8836 luz_lorenzo@atr.com.ph Philippines Indonesia

INDIA
Jigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile Cement Anubhav GUPTA (91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods Property Haripreet BATRA (91) 226623 2606 haripreet@kimeng.co.in Software Media Ganesh RAM (91) 226623 2607 ganeshram@kimeng.co.in Telecom Contractor

THAILAND
Mayuree CHOWVIKRAN Head of Research (66)-2658-6300 ext 1440 mayuree.c@kimeng.co.th Strategy Suttatip PEERASUB (66)-2658-6300 ext 1430 suttatip.p@kimeng.co.th Media Commerce Sutthichai KUMWORACHAI (66)-2658-6300 ext 1400 sutthichai.k@kimeng.co.th Energy Petrochem Termporn TANTIVIVAT (66)-2658-6300 ext 1520 termporn.t@kimeng.co.th Property Woraphon WIROONSRI (66)-2658-6300 ext 1560 woraphon.w@kimeng.co.th Bank Jaroonpan WATTANAWONG (66)-2658-6300 ext 1404 jaroonpan.w@kimeng.co.th Transportation Small cap.

REGIONAL
ONG Seng Yeow (65) 6432 1832 ongsengyeow@kimeng.com Regional Products & Planning

3 January 2012

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Tuan Sing Holdings Limited

APPENDIX 1
Definition of Ratings
Kim Eng Research uses the following rating system: BUY HOLD SELL Total return is expected to be above 10% in the next 12 months Total return is expected to be between -5% to 10% in the next 12 months Total return is expected to be below -5% in the next 12 months

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear):

Adex = Advertising Expenditure BV = Book Value CAGR = Compounded Annual Growth Rate Capex = Capital Expenditure CY = Calendar Year DCF = Discounted Cashflow DPS = Dividend Per Share EBIT = Earnings Before Interest And Tax EBITDA = EBIT, Depreciation And Amortisation EPS = Earnings Per Share EV = Enterprise Value FCF = Free Cashflow FV = Fair Value FY = Financial Year FYE = Financial Year End MoM = Month-On-Month NAV = Net Asset Value NTA = Net Tangible Asset P = Price P.A. = Per Annum PAT = Profit After Tax PBT = Profit Before Tax PE = Price Earnings PEG = PE Ratio To Growth PER = PE Ratio QoQ = Quarter-On-Quarter ROA = Return On Asset ROE = Return On Equity ROSF = Return On Shareholders Funds WACC = Weighted Average Cost Of Capital YoY = Year-On-Year YTD = Year-To-Date

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS

This report, and any electronic access to it, is restricted to and intended only for clients of Kim Eng Research Pte. Ltd. ("KER") or a related entity to KER (as the case may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act (SFA) and the Singapore Financial Advisers Act (FAA)) and who are allowed access thereto (each an "Authorised Person") and is subject to the terms and disclaimers below. IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW, YOU SHOULD DISREGARD THIS REPORT IN ITS ENTIRETY AND LET KER OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO LONGER WISH TO RECEIVE SUCH REPORTS. This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial products. The information and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles. The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. 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3 January 2012

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Tuan Sing Holdings Limited

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APPENDIX I
Additional information on mentioned securities is available on request. Jurisdiction Specific Additional Disclaimers: THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Singapore. As of 3 January 2012, Kim Eng Research Pte. Ltd. and the covering analyst do not have any interest in Tuan Sing Holdings Limited. Analyst Certification: The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. 2012 Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Kim Eng Research Pte. Ltd. Kim Eng Research Pte. Ltd. accepts no liability whatsoever for the actions of third parties in this respect.

Stephanie Wong CEO, Kim Eng Research

3 January 2012

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