Singapore 30 June 2008

Morning Buzz
Kim Eng Research Team
Today’s Top Ideas
- Metro Holdings

US Indices
Close Change

Dow 11,346.51
(%)
-106.91
News Headlines
Nasdaq 2,315.63 -5.74
- KepFels completes new-gen Ensco rig
Futures/Regional Indices
Close Change - OCBC opens 2nd Chengdu sub-branch
(%)
S&P 1,281.80 0.13 - SingTel raises stake in Globe to 47.34%
Nasdaq 1,868.00 0.12
Light Crude 141.46 0.89
Nikkei 13,525.65 -0.16 - CCT expects financing to get more expensive
KOSPI 1,680.47 -0.28
All-Ords 5,421.50 -1.35 - SPH's Paragon valued at $2b
ADRs
Close
Chartered 0.75
Creative 6.12

STI Chart
3,300 400,000

3,200 300,000

3,100 200,000

3,000 100,000
Top Actives
2,900 0
02-Jun-08

04-Jun-08

06-Jun-08

10-Jun-08

12-Jun-08

16-Jun-08

18-Jun-08

20-Jun-08

24-Jun-08

26-Jun-08

By Volume Price ($) Change ($) Change (%) Vol (‘000)

Oceanus Group Ltd 0.385 0.020 5.5 50,610
S’pore Telecommunications 3.670 -0.030 -0.8 33,460
Golden Agri-Resources Ltd 0.900 0.010 1.1 27,856
E3 Holdings Ltd 0.030 0.000 0.0 26,942
Top Actives
China Hongxing Sports Ltd 0.450 -0.015 -3.2 26,653
(<USD250m Mkt Cap) Oceanus Group Ltd 0.385 0.020 5.5 50,610
Close Change
(%) By Value Price ($) Change ($) Change (%) Vol (‘000)
E3 Holdings 0.030 0.0 DBS Group Holdings Ltd 19.080 0.080 0.4 7,661
China New Town 0.120 0.0 S’pore Telecommunications 3.670 -0.030 -0.8 33,460
Keppel Corp Ltd 10.880 0.000 0.0 8,703
Jade Tech 0.105 -8.7
Firstlink Singapore Exchange Ltd 6.920 -0.110 -1.6 12,961
Investments 0.090 -5.3 United Overseas Bank Ltd 18.960 -0.060 -0.3 4,108
DBS Group Holdings Ltd 19.080 0.080 0.4 7,661

Co. Reg No: 198700034E

MICA (P): 056/11/2007
Morning Bulletin 30 June 2008

Top Ideas

1) Metro Holdings – Initiation (Gregory YAP 64321450)

Previous day closing price: $0.78
Recommendation: Buy
Target price: $1.20

Initiate coverage with BUY and 12-month price target of $1.20

Metro is undervalued relative to CapitaRetail China Trust (Singapore’s first retail China REIT).
Our RNAV for Metro is $1.50, assuming the company’s Mar 2008 valuation for its completed
investment properties in Shanghai, Beijing and Guangzhou and JLL’s capital values for Beijing
Grade A office space and Prime retail space to value its properties under construction. Our price
target of $1.20 assumes a 20% discount to account for execution and market risks.

Greater openness should lead to better stock value

Long a conservative tight-lipped company, Metro has begun to be more communicative with
investors, and recently held its first results briefing in many years. It has also appointed two new
independent directors and an external IR company. We expect the share price to respond
positively, which is critical to Metro’s ambitions to build up its property assets in China.

Now a long term property player in China

Metro is still better known at home as a retailer. However, it started to diversify into property in
the mid-1990s, when it invested heavily in China, and to-date, this is still not well appreciated by
investors. With property rental income bringing in 70% of profits, the Metro of today is more a
property player than a retailer and should be better valued, in our view. It has a high quality
portfolio of retail and commercial properties in China’s top tier cities, strong financials, and
extensive retailing experience that partners (such as Shui On Land, Nan Fung and property
investment funds HSBC NF and ECM) can tap on.

Recent fund raising points to greater heights

Cash on hand of more than $173m as at Mar 2008, will be fortified further by a recently-
announced $200m debt-raising exercise. While it has not detailed how it intends to use the
proceeds, Metro is a savvy and well-connected property investor with an eye for good locations,
and we believe it must have already identified some good investments in China although
management would only say that it is still preliminary.

Year End Dec 31 2005 2006 2007 2008F 2009F

Sales (S$ m) 5454 6944 8484 8940 9184
Pre-tax (S$ m) 2439 2750 3224 3276 3412
Net profit (S$ m) 1247 1504 1989 1587 1686
EPS (cents) 35.4 42.6 53.8 42.8 45.5
EPS growth (%) 34.4 20.3 26.4 -20.4 6.2
PER (x) 16.5 13.7 10.9 13.7 12.9
EV/EBITDA (x) 7.4 7.3 4.8 5.7 6.2
Yield (%) 1.0 1.1 6.3 1.7 2.2
* Net profit has been adjusted for exceptional gains and fair value adjustments for investment properties
Morning Bulletin 30 June 2008

Price Chart
Price ($) Vol ('000)
1.20 6,000

1.10 5,000

1.00 4,000

0.90 3,000

0.80 2,000

0.70 1,000

0.60 0
05-May-08
27-Aug-07

19-Nov-07

10-Mar-08
07-Apr-08
02-Jul-07
30-Jul-07

24-Sep-07
22-Oct-07

17-Dec-07

11-Feb-08
14-Jan-08

02-Jun-08
30-Jun-08

Source: Bloomberg
Morning Bulletin 30 June 2008

Market / Corporate News

Keppel Fels – Has completed the first of Ensco International's six new-
generation deepwater semi-submersibles, called the Ensco 8500 Series.
These rigs, built at a cost of US$2.5bn, will form the backbone of Ensco's
deepwater semi fleet in the future. Before this series, the company has
only one deepwater semi, the Ensco 7500. KepFels, a unit of Keppel
Offshore and Marine, has been Dallas-based oil major Ensco's preferred
offshore solutions provider over the past decade. It has been helping
Ensco build up and renew its rig fleet including the delivery of nine new
jackup rigs. The Ensco 8500 Series of deepwater semis is an enhanced
version of the Ensco 7500, and is based on an Ensco proprietary design.
They are capable of drilling in up to 8,500 feet of water, and can readily be
upgraded to 10,000 feet water-depth capability if required. Enhanced
features include a two-million-pound quad derrick, offline pipe handling
capability, increased drilling capacity, greater variable deck load and
improved automatic-station-keeping ability.

OCBC Bank – Wholly owned subsidiary, OCBC Bank (China) Ltd, will
open its second sub-branch, Shanghai Gardens, in Chengdu today. In
addition, the bank's branches in Chengdu and Shanghai have received
regulatory approval that allows the bank to offer renminbi-denominated
products to citizens in these two cities. OCBC China chairman Leong Wai
Leng said that OCBC Bank has been in China for 83 years and it is the
first foreign bank to be established in Chengdu. With regulatory approval to
sell renminbi products to citizens in Chengdu and Shanghai, OCBC China
will progressively introduce mortgages, wealth management and
investment products to serve the country's growing affluent population, Ms
Leong said. 'With 'family' as the main thrust of our retail strategy, the bank
will develop family-oriented products and services to help our customers
protect and grow their family wealth,' she said. Besides renminbi savings
and current accounts, fixed deposits, one-day or seven-day call deposits,
structured deposit financial products and mortgages, the bank will also
offer additional services such as foreign currency exchange and
remittance, fund proof for applying student/business visa and offshore
financial services.
Morning Bulletin 30 June 2008

Singapore Telecom – Is raising its stake in associate Globe Telecom to

47.34% from 44.47%. SingTel said that it will pay Ayala Corporation
4,598m pesos ($140m), or 1,210 pesos per share, for 3.8m shares in
Globe, the second largest telco in the Philippines. According to Bloomberg,
Ayala owned 33.3% of Globe before the deal. SingTel said that the price
was arrived at on a willing-seller willing-buyer basis, taking into account
projected future cash flows, comparables and the prevailing market price.
On Thursday, the closing price of Globe on the Philippine Stock Exchange
was 1,185 pesos. SingTel bought its initial 44.47% stake in Globe in 1993
for $882m. SingTel has said that its acquisition strategy is to raise stakes
in associates or invest in new markets, focusing on Asia. For SingTel's
financial year ended March 31, 2008, Globe's pre-tax profit contribution to
the group rose 9.4% to $317m, benefiting from the 8% appreciation of the
peso. For the first quarter of 2008, Globe reported core net income of
3.5bn pesos, down 4% as customers cut spending while struggling to cope
with rising food and fuel prices. Globe president Gerardo.

CapitaCommercial Trust (CCT) – Expects financing to become more

expensive after it raised US$1.2bn to fund an acquisition of an office tower
this year. The manager of about 3m sq ft of commercial space in
Singapore agreed in March to buy a 23-storey office block known as 1
George Street in Singapore's business district for $1.17bn. The trust said it
will fund the acquisition with debt such as convertible bonds and medium-
term notes. CapitaCommercial Trust's shares have fallen 21% this year on
concern that borrowing costs for the trust may rise, prompting Citigroup to
downgrade the stock earlier this month. Asia's real estate funding costs
are likely to remain high over the next 12 months after rising as much as
700 basis points in the past year, Sameer Nayar, head of real estate
finance at Credit Suisse Group, said. CapitaCommercial said in April it
plans to sell $280m of bonds, with an option to raise another $90m. It also
issued $150m of medium term notes and took on loans for the acquisition.

Singapore Press Holdings – SPH’s Paragon shopping centre in Orchard

Road is now worth $2bn, about 10% up from its valuation of $1.82bn a
year ago. The higher valuation came amid higher rents and continued
strong demand. Rents are firm and have been increasing since last June,
with occupancy at 100%, said Lydia Sng, executive director of valuations
for property consultancy Knight Frank, which carried out the latest
valuation. The earlier valuation of $1.82bn on June 28, 2007, was also
done by Knight Frank. The Paragon is undergoing a $45m makeover to
update its facade and increase retail space. The renovation is slated for
completion in October. SPH said earlier that the makeover was part of a
continuous effort to enhance the retail environment and shopping
experience for Paragon customers. In addition, the commercial space
above its retail podium will be expanded - at a cost of $37m, including the
payment of land premium. This is scheduled to be completed by end-2008.
The total cost of the facade makeover and the addition of commercial
space is $82m. Paragon remains open and operates as it normally does
during the renovation period. SPH will be releasing its financial results for
the third quarter ended May 31, 2008, on July 11.

(Sources: Company, SGX, Business Times, Dow Jones)

Morning Bulletin 30 June 2008

SINGAPORE MALAYSIA TAIWAN

Stephanie WONG Head of Research YEW Chee Yoon Head of Research Kevin CHANG Head of Research
Regional Head of Institutional Research +603 2141 1555 cheeyoon@kimengkl.com +8862 2547 1512 kevin.chang@yuanta.com.tw
+65 6432 1451 swong@kimeng.com ƒ Strategy
ƒ Consumer ƒ Banks Jack CHANG
ƒ Industrial ƒ Telcos 8862 2546 4965
ƒ Small/Mid Caps ƒ Property jack.chang@yuanta.com.tw
Gregory YAP ƒ Shipping ƒ Non-Tech
+65 6432 1450 gyap@kimeng.com ƒ Oil & gas Jill HUANG
ƒ Technology & Manufacturing ƒ Gaming 8862 2546 4171
ƒ Telcos ƒ Media jill.huang@yuanta.com.tw
ƒ Transport & Logistics ƒ Power ƒ PC / Notebook
ƒ China Consumer ƒ Construction Eric LIN
Rohan SUPPIAH ƒ Food & Beverage 8862 2546 0618
+65 6432 1455 rohan@kimeng.com ƒ Manufacturing eric.lin@yuanta.com.tw
ƒ Oil & gas ƒ Plantations ƒ Optical
ƒ Conglomerates ƒ Tobacco Chialin LU
Pauline LEE ƒ Electronics 8862 2714 9840
+65 6432 1453 paulinelee@kimeng.com chialin.lu@yuanta.com.tw
ƒ Bank & Finance INDONESIA ƒ Communications
ƒ Retail Katarina SETIAWAN Head of Research Tess WANG
ƒ Consumer +6221 3983 1458 ksetiawan@kimeng.co.id 8862 2719 8105
Wilson LIEW ƒ Consumer tess.wang@yuanta.com.tw
+65 6432 1454 wilsonliew@kimeng.com ƒ Infra ƒ Financial
ƒ Property & Construction ƒ Shipping
ƒ Hotel & Resort ƒ Strategy THAILAND
Johnny TEO ƒ Telcos David BELLER
+65 6432 1431 johnnyteo@kimeng.com ƒ Others +662 658 6300 x 4740 david.b@kimeng.co.th
ƒ Industrial Ricardo SILAEN ƒ Banks
ƒ Infrastructure +6281 3983 1455 rsilaen@kimeng.co.id ƒ Shipping
David LOOMIS ƒ Auto Naphat CHANTARASEREKUL
+65 6432 1417 dloomis@kimeng.com ƒ Energy +662 658 6300 x 4770 naphat.c@kimeng.co.th
ƒ Special Situations ƒ Heavy Equipment ƒ Energy
ƒ Property Piya ORANRIKSUPHAK
KELIVE Singapore ƒ Resources +662 658 6300 x 4710 piya.O@kimeng.co.th
ONG Seng Yeow Head of Research Teguh SUNYOTO ƒ Property
+65 6432 1832 ongsengyeow@kimeng.com +6221 3983 1455 tsunyoto@kimeng.co.id Supattra KHONGRUNGPHAKORN
TAN Chin Poh ƒ Cement +662 6586300 ext 4800 supattra.k@kimeng.co.th
+65 6432 1859 chinpoh@kimeng.com ƒ Construction ƒ Electronics
GOH Han Peng ƒ Pharmaceutical ƒ Automotive
+65 6432 1857 gohhanpeng@kimeng.com ƒ Retail ƒ Tourism
Geraldine EU Adi N. WICAKSONO Kanchan KHANIJOU
+65 6432 1469 geraldineeu@kimeng.com +6221 3983 1455 anwicaksono@kimeng.co.id + 662 658 6300 x 4750 kanchan@kimeng.co.th
Ken TAI ƒ Generalist ƒ Construction
+65 6432 1412 kentai@kimeng.com Arwani PRANADJAYA
+6221 3983 1455 apranadjaya@kimeng.co.id
HONG KONG / CHINA ƒ Technical analyst KELIVE Thailand (for retail clients)
Edward FUNG George HUEBSCH Head of Research
+852 2268 0632 edwardfung@kimeng.com.hk PHILIPPINES +662 658 6300 ext 1400 george.h@kimeng.co.th
ƒ Power Ed BANCOD Head of Research
ƒ Construction +63 2 849 8848 ed_bancod@atr.com.ph VIETNAM
Ivan CHEUNG ƒ Strategy LE Huy Hoang
+852 2268 0634 ivancheung@kimeng.com.hk ƒ Banking +84 8 838 6636 x 160 hoang.le@kimeng.com.vn
ƒ Property Laura DY-LIACCO
Ivan LI +63 2 849 8843 laura_dyliacco@atr.com.ph
+852 2268 0641 ivanli@kimeng.com.hk ƒ Utilities
ƒ Bank & Finance ƒ Conglomerates
Larry GRACE Lovell SARREAL
+852 2268 0630 larrygrace@kimeng.com.hk +63 2 849 8871 lovell_sarreal@atr.com.ph
ƒ Oil & Gas ƒ Consumer
ƒ Energy ƒ Cement
Shadow LAU ƒ Media
+852 2268 0645 shadowlau@kimeng.com.hk Robin SARMIENTO
ƒ Small Caps +63 2 849 8831 robin_sarmiento@atr.com.ph
TAM Tsz Wang ƒ Ports
+852 2268 0636 tamtszwang@kimeng.com.hk ƒ Mining
ƒ Small Caps Ricardo PUIG
Emily LEE +63 2 849 8846 ricardo_puig@atr.com.ph
+852 2268 0631 emilylee@kimeng.com.hk ƒ Property
ƒ Small Caps ƒ Telcos
Recommendation definitions
Our recommendation is based
REGIONAL
Luz LORENZO Economist
on the following expected price
+63 2 849 8836 luz_lorenzo@atr.com.ph performance within 12 months:
ƒ Economics
+15% and above: BUY
-15% to +15%: HOLD
-15% or worse: SELL
Morning Bulletin 30 June 2008

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