The Market will always be there, make sure you are

Socierty of Remiser - 2011/03/22

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Socierty of Remiser

Socierty of Remiser - 2011/03/22

22/03/2011

Date Posted	Research Materials
22/03/11	DMG&Partner Securities : Morning Matters -
22/03/11	Kim Eng Securities: Sunnyside Up
22/03/11	Lim & Tan Securities: Daily Review -Noble, UOBKH, Raffles Edn,
22/03/11	Phillip Securities: Morning Note
22/03/11	Phillip Securities:
22/03/11	OCBC Securities: -
22/03/11	CIMB Securities :
22/03/11	CIMB Securities :
2/03/11	Kim Eng Securities:
22/03/11	Phillip Securities:
22/03/11	DBS Vickers Securities: Kreit - Hold
22/03/11	DBS Vickers Securities:Sin Property-update
22/03/11	DBS Vickers Securities: Sembmarine - Buy
22/03/11	OCBC Securities:

Report on time to rethink nuclear power? - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on time to rethink nuclear power? - see attached for details

(1) Time to rethink nuclear power ? - Kim Eng Research

Report on Dry Bulk Shipping - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on Dry Bulk Shipping - see attached for details

(1) Dry Bulk Shipping - CIMB

*At the mercy of Chinese and Japanese woers

Report on Singapore REITs - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on Singapore REITs - see attached for details

(1) Singapore REITs - J.P Morgan

*Revisiting the defensive growth

Report on Nobel Group, Notable Share Transactions - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on Nobel Group, Notable Share Transactions - see attached for details

(1) Nobel Group, Notable Share Transactions- Lim & Tan Securities

Report on TFT-LCD Sector - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on TFT-LCD Sector - see attached for details

(1) TFT-LCD Sector - Daiwa Capital Markets

* No immediate impact, but problems likely in the future

Report on Property - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on Property - see attached for details

(1) Property

*Another office block sold at top price: One Finlayson Green at $2520 psf

Report on Singapore Telecommunications - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on Singapore Telecommunications - see attached for details

(1) Singapore Telecommunications - Goldman Sachs

Price: S$2.92

12 Month Price Target: S$3.67

*SingTel : Africa on track, probability of capital management rises

Report on Aviation - Regional - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on Aviation - Regional - see attached for details

(1) Aviation - Regional

SIA

Share Price: S$13.26

Target Price: S$15.00

* Impact from the earthquake/tsunami in Japan

Report on RH Petrogas - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:24:00 +0000

Report on RH Petrogas - see attached for details

(1) RH Petrogas

Share Price as at 18 Mar : S$0.81

*A new kid on the block - an Asia-focused E&P company

Report on SembCorp Marine Ltd - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:23:00 +0000

Report on SembCorp Marine Ltd - see attached for details

(1) Sembcorp Marine - CIMB

Price: S$5.48

Target Price: S$6.38

*Expect catch-up in orders

Report on CapitaLand Limited - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:23:00 +0000

Report on CapitaLand Limited - see attached for details

(1) CapitaLand Limited - OCBC Investment Research

Current Price: S$3.25

Fair Value: S$4.05

*Value emerging from residential fears

Report on implications on Japan Eathquake - see attached report

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:23:00 +0000

Report on implications on Japan Eathquake - see attached report

(1) Capital Goods Sector - Daiwa Research Update

*Recommending bullish stance; capital goods sector key in reviving Japan

Report on Semiconductor Sector, technology related counters - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:23:00 +0000

Report on Semiconductor Sector, technology related counters - see attached for details

(1) Semiconductor Sector - OCBC Investment Research

*NEUTRAL

- Encouraging industry data blighted by Japan disaster

(2) DMX Technologies - NRA Capital

Current Price as at 21 March 2011: S$0.35

Fair Value: S$0.37

* In the ground to grow

(3) Armstrong - Kim Eng Research

Report on K-REIT Asia - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:23:00 +0000

Report on K-REIT Asia - see attached for details

(1) K-REIT Asia - Citi

Price as at 21 Mar 11 : S$1.29

Target Price: S$1.20

*Increasing stake in Prudential Tower, DPU accertion 2-3%

(2) K-REIT Asia - UBS

Price: S$1.25

12 M Price Target: S$1.53

*Increases stake at Prudential Tower

(3) K-REIT - Nomura

Price (21 Mar 2011) : 1.29 SGD

Price Target : 1.76 SGD

*Raising stake in Prudential Tower to 93%; valuation lift for existing interest

(4) K-REIT - DBS Vickers

Price: S$1.29

12 Month Price Target: S$1.32

*Buys more of Prudential Tower

(5) K-REIT Asia - CIMB

Price: S$1.29

Target Price: S$1.52

*Strengthens foothold at Prudential Tower

Tokyo Electric Says Fukushima Fuel Rods Damaged, Leak to Sea

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:23:00 +0000

Tokyo Electric Says Fukushima Fuel Rods Damaged, Leak to Sea
2011-03-22 01:34:09.50 GMT

(See EXT2 <GO> for news on the nuclear crisis.)

By Tsuyoshi Inajima and Yuji Okada
March 22 (Bloomberg) -- Tokyo Electric Power Co. said fuel rods at its Fukushima Dai-Ichi power plant have been damaged, releasing five kinds of radioactive material and contaminating seawater nearby.

The acknowledgements from the utility indicate poisons emanating from the plant may be spreading through the air and sea, raising concern over the safety of seafood from the coast of northeastern Japan and agriculture in the region.

The decay of radioactive fuel rods, composed of uranium and plutonium, was suspected by company officials five days after the March 11 magnitude-9 earthquake and tsunami off the main island of Honshu.

The disclosures on the spread of radiation were made in a press briefing after midnight Tokyo time and in a press release this morning. Iodine-131 was detected at 127 times normal levels from sample water taken at 2:30 p.m. yesterday, while cesium-134 levels were 25 times normal and cesium-137 was at 17 times normal, Tepco said on its website.

Workers Evacuated

As the battle to prevent a meltdown entered its 12th day, white smoke or steam could be seen wafting above the damaged Fukushima Dai-Ichi reactors.

Tokyo Electric evacuated engineers and halted work after smoke was seen billowing from the No. 3 unit, Hitoshi Emukai, a spokesman at the utility, said yesterday. White smoke seen later at the No. 2 reactor is likely steam, said Naoki Tsunoda, another spokesman.

Seventy percent of the fuel at the No. 1 reactor may be damaged, as well as 33 percent of that of the No. 2 unit, Tepco said on March 16. "While we haven't reached the point where we can say we've gotten out of this crisis situation, it can be said that we can see the light at the end of the tunnel," Japanese Prime Minister Naoto Kan said at a meeting of his crisis response team in Tokyo yesterday.

The death toll from the nation's worst postwar disaster rose to 8,928 as of 9 a.m. local time, with 12,664 people missing, according to the National Police Agency in Tokyo. The earthquake and ensuing tsunami devastated the country's northern coastline and forced hundreds of thousands to evacuate.

Produce Concerns

The Japanese government is risking a food scare by failing to clarify where produce is contaminated and stopping some shipments, said Toshihiko Baba, a spokesman for the Central Union of Agricultural Co-operatives in Japan, which represents more than 4.8 million farmers.

Radiation levels found in food so far aren't harmful, Chief Cabinet Secretary Yukio Edano said.

Japan's nuclear safety agency said the nation will limit distribution of spinach and milk after samples from the area near the plant 135 miles (220 kilometers) north of Tokyo were found to have
higher-than-normal radiation levels. Spinach sampled at Hitachi, 97 kilometers south of the plant, contained 27 times the government limits for Iodine-131, according to the health ministry. That spinach won't enter the food chain.

"Food-borne radiation will last longer than airborne radiation," Gregory Hartl, a spokesman for the World Health Organization in Geneva, said in an interview. "Even smaller amounts of radiation in food could potentially be more dangerous because you ingest it."

Consumers' Dilemma

Japan's limits are based on assumptions about how much contaminated food a person may eat, Edwin Lyman, a specialist on nuclear materials for the Union of Concerned Scientists in Washington, said in a press call.

"It will be a dilemma for a lot of consumers in Japan," Lyman said. "People are going to have to understand the basis for those limits."

Japanese officials will have to perform triage on farmland -- closing some areas entirely, monitoring some for radiation and labeling some as safe, said Kenneth Bergeron, a former nuclear scientist at Sandia National Laboratory in Albuquerque, New Mexico.

"Japan is going to have to put in place a very extensive monitoring system to make sure that every batch of produce that might come out of this area is monitored," Bergeron said.

Asian countries are screening Japanese imports, and Taiwan yesterday detected radiation on vegetables that was within acceptable limits. Stores and restaurants across Asia dropped Japanese food from shelves and menus.

Radiation containment domes at the reactors are intact and the situation at the plant "is on the verge of stabilizing," the U.S. Nuclear Regulatory Commission's Bill Borchardt said.

"The fact that offsite power is close to being available for use at plant equipment is perhaps the first optimistic sign that things could be turning around," Borchardt, executive director for operations, said at a meeting at the agency's headquarters in Rockville, Maryland.

For Related News and Information:
Japan Catastrophe Portal: JCAT <GO>
BMAP of Disasters: BMAP 80438 <GO>
Tokyo Radiation Levels: ALLX ATBC <GO>
News Trends TREND <GO>
Japan Markets Monitor: OTC JPY <GO>

--With assistance from Shigeru Sato and Takashi Hirokawa in Tokyo,
Makiko Kitamura and Naoko Fujimura in Osaka, Kyung Bok Cho in Seoul,
Tomoko Yamazaki in Singapore. Editors: Patrick Chu, Matthew Brooker.

To contact the reporters on this story:
Yuji Okada in Tokyo at +81-3-3201-2493 or yokada6@bloomberg.net;
Tsuyoshi Inajima in Tokyo at +81-3-3201-2059 or tinajima@bloomberg.net

To contact the editor responsible for this story:
Patrick Chu at +81-3-3201-8460 or
pachu@bloomberg.net

DJ ASX-SGX Merger Is Getting Tougher -WSJ (2011/03/22 06:43AM)

soochuan.ng@gmail.com (SooChuan@CIMB) — Tue, 22 Mar 2011 14:23:00 +0000

DJ ASX-SGX Merger Is Getting Tougher -WSJ (2011/03/22 06:43AM)

--------------------------------------------------------------------------------

The following is an editorial first published in The Wall Street Journal:

SYDNEY (Dow Jones)--The proposed merger between Singapore Exchange Ltd. (S68.SG) and ASX Ltd. (ASX.AU), Sydney''s exchange, has traveled a rocky road since the deal was announced in October, and now the going is getting tougher. Domestic newspapers were rife this weekend with reports that Treasurer Wayne Swan is set to kill the deal during the national security review process, a claim he promptly denied. As entertaining as it is, this kerfuffle misses the broader point that Swan and Prime Minister Julia Gillard are failing a significant economic policy test.

The biggest test will not be in the national security review that was the subject of this weekend''s stir, although Swan could certainly fail there too. He and Gillard have been appropriately mum about their views on whether the merger raises security concerns-it would be unseemly for them to comment too soon-but they need to offer a compelling reason if they do kill the deal on those grounds.

The more pressing question is the statutory 15% cap on any single ownership stake in ASX, which is more likely to scuttle the SGX takeover attempt. The exchanges need Australia''s parliament to lift the cap, and on this issue-on which, as a policy matter, Gillard and Swan definitely should be willing to state an opinion-the government has been as quiet as a trading floor on a Sunday.

The right answer would be to lift the ownership cap and let the market sort out the best way to structure ownership of ASX (subject to a reasonable, transparent security review, if Canberra really must). That would signal that Australia remains committed to the free market principles that have spurred its economic success over the past three decades. Canberra could simultaneously open the exchange marketplace to greater competition. Regulators started that process in 2009 by lifting ASX''s monopoly on share trading, but they have yet to license any of the several applicants who have sought permission to operate competing exchanges.

Gillard professes to understand the general principle involved, having said that "An open economy has been in Australia''s interest." So the failure by her and Swan to more aggressively support lifting the ownership cap to open the economy further is puzzling.

She may feel politically constrained as the head of a minority government beholden to a small band of Greens and independents. But that''s all the more reason to mount an aggressive persuasion campaign. Equally disappointing is the reaction-ranging from silence to outright hostility-from members of the ostensibly more free market opposition.

None of this relates to the business merits of the deal, which the market ultimately will decide (the jury is still out on other cross-border mergers of recent years). But it''s up to Australian politicians to give the market a chance.

-Sydney Bureau, Dow Jones Newswires; +61 2 8272 4682; djnews.sydney@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today''s most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=27gqILd2hMw0EX995nLy%2BA%3D%3D. You can use this link on the day this article is published and the following day.

Socierty of Remiser - 2011/03/21

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:37:00 +0000

Socierty of Remiser

Socierty of Remiser - 2011/03/21

21/03/2011

Date Posted	Research Materials
21/03/11	DMG&Partner Securities : Morning Matters - China Animal Healthcare, Tech Oi&Gas
21/03/11	Kim Eng Securities: Sunnyside Up - Ryobi Kiso
21/03/11	Lim & Tan Securities: Daily Review - Elect & Eltek
21/03/11	Phillip Securities: Morning Note
21/03/11	AM Fraser Securities: Morning Buzz
21/03/11	OCBC Securities: Golden Agri Resources - Buy
21/03/11	CIMB Securities : Daybreak
21/03/11	DMG&Partner Securities: Sembcorp Ind - Buy
21/03/11	Kim Eng Securities: Goodpack Ltd - Buy
21/03/11	OCBC Securities: BreakTalk - Buy
21/03/11	DBS Vickers Securities: .
21/03/11	AM Fraser Securities: Market View

Report on Breadtalk Group - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:37:00 +0000

Report on Breadtalk Group - see attached for details

(1) Breadtalk Group - OCBC Investment Research

Current Price: S$0.62

Fair Value: S$0.74

*Margins intact; maintain Buy

Report on Container Shipping - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:37:00 +0000

Report on Container Shipping - see attached for details

(1) Container Shipping - CIMB

* Japanese quake may affect outcome of TP rate negotiations

Report on China Macro Flash - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:37:00 +0000

Report on China Macro Flash - see attached for details

(1) China Macro Flash - Citi

*RRR Hikes May Give Way to interest rate Rises

Report on Singapore Telecom - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:36:00 +0000

Report on Singapore Telecom - see attached for details

(1) Singapore Telecom - Deutsche Bank

Price: S$2.85

Price Target: S$3.31

* PBTL's subscriber share i n Bangladesh drops to a new low

Report on Fortune REIT - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:36:00 +0000

Report on Fortune REIT - see attached for details

(1) Fortune REIT (Hong Kong) (0778.HK) HK$3.91- Goldman Sachs

*Expanded investment scope unlikely to change retail property focus

Report on Ying Li International - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:36:00 +0000

Report on Ying Li International - see attached for details

(1) Ying Li international - IIFL Institutional Equities

CMP: S$0.36

12 Mth TP: S$0.49

*Chongqing commercial landlord

Report on Riverstone Holdings Limited - see attached for details

soochuan.ng@gmail.com (SooChuan@CIMB) — Mon, 21 Mar 2011 13:36:00 +0000

Report on Riverstone Holdings Limited - see attached for details

(1) Riverstone Holdings Limited - SIAS Research

Intrinsic Value: S$0.70

Prev Closing : S$0.47

*Looking from a Fresh Angle

The Market will always be there, make sure you are

Socierty of Remiser - 2011/03/22

Socierty of Remiser - 2011/03/22

22/03/2011

More Recent Articles

Report on time to rethink nuclear power? - see attached for details

Report on Dry Bulk Shipping - see attached for details

Report on Singapore REITs - see attached for details

Report on Nobel Group, Notable Share Transactions - see attached for details

Report on TFT-LCD Sector - see attached for details

Report on Property - see attached for details

Report on Singapore Telecommunications - see attached for details

Report on Aviation - Regional - see attached for details

Report on RH Petrogas - see attached for details

Report on SembCorp Marine Ltd - see attached for details

Report on CapitaLand Limited - see attached for details

Report on implications on Japan Eathquake - see attached report

Report on Semiconductor Sector, technology related counters - see attached for details

Report on K-REIT Asia - see attached for details

Tokyo Electric Says Fukushima Fuel Rods Damaged, Leak to Sea

DJ ASX-SGX Merger Is Getting Tougher -WSJ (2011/03/22 06:43AM)

Socierty of Remiser - 2011/03/21

Socierty of Remiser - 2011/03/21

21/03/2011

Report on Breadtalk Group - see attached for details

Report on Container Shipping - see attached for details

Report on China Macro Flash - see attached for details

Report on Singapore Telecom - see attached for details

Report on Fortune REIT - see attached for details

Report on Ying Li International - see attached for details

Report on Riverstone Holdings Limited - see attached for details