OSPL - Good Morning S'pore - Central Dealing Desk

Stock Name: Wilmar
Company Name: WILMAR INTERNATIONAL LIMITED

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 3.70

Stock Name: RafflesMG
Company Name: RAFFLES MEDICAL GROUP LTD

Research House: UOB KayHian

Price Call: HOLD

Target Price: 3.24

Market Compass

27 February 2013~ Good Morning Singapore!

Singapore Idea Snippets:

27 February 2013~ Good Morning Singapore! Central Execution Team - Trading For A Living This product is made available by your Central Execution Team, for you as TRs of OCBC Securities to help you with your business and therefore it is confidential and only for internal circulation. It is not intended for onward circulation to non-OSPL TRs, clients or any other third party in this or any other version. Neither is this intended to be relied upon as a sole basis for any recommendation. TRs must also consider their clients' investment objectives, financial position and needs when intending to make or making any recommendation. For the front desk, by the front desk. All feedback to make this a better product is welcome. Global Flash: While You Were Sleeping Source: Marketwatch Quote for the day: Subtlety may deceive you; integrity never will - OLIVER CROMWELL Singapore: The Day Ahead SINGAPORE DAYBOOK:Private banks see AUM surge as Asian wealth keeps Growing [SINGAPORE] Private banks here have had an outstanding 2012, including the international ones, as the rich once again entrusted their ever increasing mountains of cash to the industry. Last year some banks reported their fastest growth in assets under management (AUM), one by as much as 70 per cent. MARKET SCOOP Mapletreeraises US$1.3b, pricing IPO at top end: sources Hong Leong Finance FY2012 profit falls 22% Keppel O&M wins S$200m in new contracts STX OSV's Q4 net profit dives 81% Sembcorp Q4 net profit falls 19% GLP shares plunge after GIC cuts stake Wheelock makes S$30.8m loss in Q4 DEUTSCHE BANK says... WILMAR INTERNATIONAL | HOLD | TP: S$3.70 FY12 net income from operations down 23% yoy to US$1,167m Sound long-term fundamentals; near-term risks from weak CPO prices Downgrading Wilmar to Hold on valuation Following our earnings revision, our SOTP-based target price has been raised from S$3.50 to S$3.70 Downside risks: untimely purchases of raw materials; unfavorable regulations in China; poor weather affecting crop supplies Upside risks: economic recovery, leading to stronger demand; significant decrease in production costs; easing of competition from China UOB KAY HIAN Securities says... RAFFLES MEDICAL GROUP | HOLD | TP: S$3.24 Reported S$311.6m (+14.2% yoy) in revenue for the full-year 2012 on the back of positive contributions from all segments Hospital revenue increased by 16.1% yoy to S$194.3m while Healthcare Services revenue grew 11.4% yoy to S$114.6m Operating profit of S$66.4m represents an 11.5% yoy growth and PATMI of S$56.8m registers a 12.8% yoy growth RMG declared a final dividend of 3.5 S cents/ share (2011: 3.0 S cents), bringing the full-year total dividend to 4.5 S cents/ share (2011: 4.0 S cents) DBS VICKERS Securities says... NEPTUNE ORIENT LINES | BUY | TP: S$1.45 Look beyond the losses Losses in 4Q12 were higher than expected, but current freight rates have rebounded from 4Q12 lows Further rate hikes planned in March-April FY13F earnings are likely to benefit from lower cost base and better industry discipline Maintain BUY with S$1.45 TP (1.2x FY13 P/BV)