DBS Vickers Report

Today’s Focus
 Asia Consumer - We pick Asia’s best “Born & Bred” retail
brands with promising growth potential. For SGX-listed
stocks, our top BUY is OSIM; BreadTalk is in our watch list
We pick Asia’s best “Born & Bred” retail brands with promising
growth potential. Asia holds more than 40% of the world’s
population. Asia will continue to generate its own growth,
driven by consumption. It is well-known that Asia is the
brighter spot for consumer companies, on the back of rising
affluence, disposable incomes, and urbanisation. Our selection
criteria is stringent, consist of only companies with their own
brands, growing presence and clear ambitions. For SGX-listed
stocks, our top BUY is OSIM (BUY, TP: S$3.08). OSIM makes it
to our list for its focus on brands, product innovation and
ambition to be the leading wellness and lifestyle product brand
in Asia. Also in our watch list is BreadTalk (Non Rated), for its
robust topline growth profile and its continuous product
innovation.
SIIC Environment Holdings announced that the Group has
decided to list its wholly-owned subsidiary, Wuhan Kaidi Water
Services (Target Company) for sale by way of open bidding on
the Shanghai United Assets and Equity Exchange (SUAEE) at a
minimum listed price of RMB7.88m. The Target Company is
principally engaged in the business of Engineering,
Procurement & Commissioning (EPC) of water purification and
treatment systems and facilities and the proposed disposal is in
line with the Group’s strategy to focus as an active investor and
operator of environmental assets.
IEV Holdings intend to dispose of its entire shareholding
interests of 19.18% in the capital of CNG Vietnam, listed on
the Ho Chi Minh Stock Exchange. CNG Vietnam operates a
CNG plant in Phu My Industrial Zone, supplying approximately
7,000 MMBTU (million British Thermal Unit) of CNG per day to
more than 20 customers without pipeline access in South
Vietnam. The net proceeds of about S$10.7m will be used
mainly for the funding of the Group’s various projects in the
petroleum and renewable energy sectors.
US retailer Brookstone, which was 55% owned by lifestyle
products firm OSIM International, has officially gone bust, two
months after it defaulted on an interest payment of its debt.
There will be no further financial effects on OSIM, which had
made a $77m write-off of Brookstone in 2009, according to an
OSIM spokeswoman.
US Indices Last Close Pts Chg % Chg
Dow Jones  16,264.2 (4.8) (0.0)
S&P  1,849.0 (3.5) (0.2)
NASDAQ  4,151.2 (22.3) (0.5)
Regional Indices
ST Index  3,162.5 19.1 0.6
ST Small Cap  542.3 2.7 0.5
Hang Seng  21,834.5 (53.3) (0.2)
HSCEI  9,873.5 23.9 0.2
HSCCI  4,043.6 26.8 0.7
KLCI  1,846.9 7.7 0.4
SET  1,356.0 (4.5) (0.3)
JCI  4,723.1 (5.2) (0.1)
PCOMP  6,315.7 (32.8) (0.5)
KOSPI  1,978.0 13.7 0.7
TWSE  8,779.6 42.3 0.5
Nikkei  14,622.9 145.7 1.0

STI Index Performance
Singapore
1,000
2,000
3,000
4,000
2006 2007 2008 2009 2010 2011 2012 2013 2014
100-Day MA
Index
STI
Total Market cap (US$bn) 579
Total Daily Vol (m shrs) 2,432
12m ST Index High 3,454
12m ST Index Low 2,960
Source: Bloomberg Finance L.P.
Stock Picks – Large Cap
Rec’n Price (S$)
27 Mar
Target Price
(S$)
ComfortDelgro Buy 1.960 2.19
Global Logistic Properties Buy 2.600 3.31
Keppel Corp Buy 10.670 12.60
Yangzijiang Buy 1.045 1.45
Stock Picks – Small Cap
Rec’n Price (S$)
27 Mar
Target Price
(S$)
Ezion Holdings Buy 2.150 3.26
Goodpack Buy 2.230 2.60
China Merchants Buy 0.960 1.32
Pacific Radiance Ltd Buy 1.050 1.20
Nam Cheong Buy 0.325 0.46
Singapore
Wired Daily
Page 2
Sembcorp Industries has started building its largest energyfrom-
waste (EfW) plant here. The $250m project on Jurong
Island, to be completed in early 2016, will be the first to use
industrial and commercial waste to produce steam for
supply to companies on the island. When the plant is ready,
Sembcorp will be able to supply a third of its customers'
steam needs using an environmentally friendly alternative
fuel.
In property news, more private homes are in the pipeline as
the government released three 99-year leasehold sites this
month that are expected to yield 1,300 more units. The two
executive condominium (EC) sites at Yishun Street 51 are
put up for tender from the confirmed list of the
Government Land Sales (GLS) programme for the first half
of this year, while the residential site at Margaret Drive will
be made available on the reserve list.The Yishun sites are
expected to yield 1,010 units. Parcel A has a maximum
gross floor area (GFA) of 50,302 sq m while Parcel B has a
GFA of 51,139 sq m.
U.S. stocks fell, led by banks and technology companies
with investors resuming a rotation out of the bull market’s
biggest winners. Citigroup Inc. dropped the most since
2012 after its capital plan failed Federal Reserve stress tests.
Tensions in Eastern Europe continued with President Obama
warning that the crisis in Ukraine may escalate. The U.S.
Senate and House passed separate bills imposing additional
sanctions on Russian officials. On the data front, February
pending home sales fell 0.8% m-o-m, worse off than
consensus expectation for a 0.2% gain.