CIMB ups GLP target by 8% to $3.32, keeps Outperform

Stock Name: GLP
Company Name: GLOBAL LOGISTIC PROP LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 3.32

CIMB raises Global Logistic Properties (MC0.SG) price target to $3.32 from $3.06, citing catalysts from lower Japanese cap rates and asset recycling initiatives.

The expected reflation of the Japanese economy is driving acquisition appetite for logistics properties and culminating in lower cap rates, it says; "we believe that revaluation gains from GLP's Japanese assets may come faster than expected and we expect the group to recycle more Japanese assets in 2H13."

CIMB sees a few value propositions: There is 10 cents per share upside if cap rates are compressed by 50 bps; an enlarged AUM platform could immediately add 10ct a share; the redeployment of its excess capital into China at current run rates for the next five years could lift valuations by 38 cents per share.

However, it notes that a weaker yen against the USD remains a drag for GLP; the house lowers its FY13-15 core EPS estimates by 17%-23% citing a weaker JPY and earnings lost from assets injected into GLP J-REIT. It keeps GLP rated Outperform. Shares are flat at $2.95.

OSPL - Good Morning S'pore - Central Dealing Desk

Stock Name: SembMar
Company Name: SEMBCORP MARINE LTD

Research House: DBS Vickers

Price Call: HOLD

Target Price: 4.70

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: UOB KayHian

Price Call: BUY

Target Price: 2.32

Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 12.68

Market Compass

22 May 2013~ Good Morning Singapore!

Singapore Idea Snippets:

22 May 2013~ Good Morning Singapore! Central Execution Team - The Excellence of Execution 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 :Experience is a good school. But the fees are high. - HEINRICH HEINE Singapore: The Day Ahead SINGAPORE DAYBOOK:Partial victory for DBS in quest for Danamon. Jakarta gives it go-ahead for smaller stake than it had sought, seeks 'reciprocity' DBS Group's year-long effort for a full takeover of one of Indonesia's larger lenders met with mixed success yesterday, after the country's outgoing central bank governor told reporters that Singapore's largest bank had won approval to buy a smaller stake. Bank Indonesia, the country's central bank, will allow DBS to buy up to 40 per cent of PT Bank Danamon, the sixth largest lender here with a wide branch network and deep roots with the country's emerging middle class. In comments to reporters yesterday, Bank Indonesia governor Darmin Nasution, who steps down from his job tomorrow, said that approval for any larger stake in Bank Danamon may hinge on whether the Monetary Authority of Singapore grants his country's banks easier access to the Singapore market. "If they want more . . . we want to see a realisation from MAS regarding our need for reciprocity," the outgoing governor told parliament members and reporters. (Source: The Business Times) MARKET SCOOP Exchange rate monetary policy ensures financial stability: MAS SingTel dips on broker downgrade Giordano closes 163 stores in China in Q1, eyes SE Asia Keppel Reit falls after parent firm trims stake CPF ordinary account rate remains at 2.5% SGX in talks to sell Philippine Dealing System stake SingTel buys back 1m shares at S$4.04-4.08 each Plastoform to exit SGX watch-list (Amended) (Source: The Business Times) DBS VICKERS Securities says... SEMBCORP MARINE | HOLD | TP: S$4.70 Sembcorp Marine (SMM) announced that its subsidiary Sembawang Shipyard Pte Ltd has exercised its voting rights to acquire all the membership interests in Equinox Offshore Brazil Cooperative U.A (EOB) and shares in Equinox Offshore ARV3 BV (EO ARV3) as EO ARV3 remained in default of its payment obligations for the conversion of the accommodation and repair vessel ARV3 due to financing difficulties The conversion contract of a cargo/passenger vessel (ropax vessel) into a DP2 accommodation and repair vessel valued at US$140m was awarded to SMM in Dec 11 and due for delivery in 4Q12 We understand that SMM has prudently booked in the full conversion cost with zero profit recognised for this particular vessel in FY12 The completed ARV3 is a diesel-electric DP2 high specification vessel designed and equipped to provide extensive accommodation for up to 450 persons, and workshop facilities to support and service offshore facilities and projects in deep water areas It has a back-to-back charter contract for 5 + 5 years with Petrobras In ARV3's case, the high spec vessel comes with a long term charter contract with NOC Petrobas - a big plus point, in our view Upon disposal, we could expect an earnings boost from profit recognition of ARV3, estimated to be around S$20-25m or 3.5-4.5% of SMM's FY13 core earnings In addition, there could also be one-off disposal gain if it is sold at value greater than the original contract price of US$140m We are leaving our numbers intact for now and keeping our HOLD recommendation and TP of S$4.70 UOB KAY HIAN says ... COMFORTDELGRO CORPORATION | BUY | TP:S$2.32 ComfortDelgro (CD) proposes to acquire 100% of the issued shares of Driver Group Ltd in Melbourne, Victoria for approximately A$22m (S$27m) The proposed acquisition, which is subject to regulatory approvals, will be made through CDC Victoria Lty Ltd, a subsidiary of ComfortDelGro Cabcharge Pty Ltd - a 51% owned subsidiary of CD When completed in July 2013, it will further boost ComfortDelGro Cabcharge's presence in Australia where it already operates bus services in both New South Wales and Victoria Under the proposed transaction, CDC Victoria will acquire five metropolitan bus routes and a fleet of 42 vehicles CDC Victoria currently has a fleet of 378 buses The business that will be acquired has an annual turnover of about A$12m (S$14.8m) with an EBITDA of A$3.8m (S$4.7m) After adjusting for CD's effective stake in ComfortDelGro Cabcharge, the acquisition will increase EBITDA by 0.3% Assuming a net margin of 15% for Driver Group (operating margins for CD's Australia bus business is 19%), the acquisition will be valued at 12x PE This is in-line with global land transport peers which are trading at an average FY13F PE of 14.2x Maintain BUY and DCF-derived target price of S$2.32 (cost of equity 6.5% terminal growth 2%) We like CD for its consistent ability to balance the challenging domestic public transport segment with contributions from overseas operations OCBC Securities says... KEPPEL CORPORATION | BUY | TP:S$12.68 Keppel Corporation (KEP) announced that its wholly owned subsidiary, Keppel Real Estate Investment Pte Ltd, has entered into a sale and purchase agreement with Goldman Sachs (the placement agent) for the sale of 180m units of Keppel REIT (6.7% of total issued units of KREIT) for S$1.555/unit The aggregate cash consideration of S$279.9m took into account KREIT's last transacted price of S$1.605/unit as at 20 May 2013 and the 30-day VWAP of S$1.5129 This is at a premium to the book value and NTA/share of S$1.31 and S$1.28, respectively, as at 31 Mar 2013 Upon completion of the sale (expected 27 May), KEP's interest in KREIT remains substantial (from 58.2% to 51.5%) Recall that KEP earlier rewarded shareholders with dividend in specie of KREIT units; announced on 24 Jan 2013 when KREIT's share price was S$1.37 Maintain BUY on KEP with S$12.68 fair value estimate

SG: MARKET PULSE: S-REIT, Bumi Armada (22 May 2013)

Stock Name: CapitaComm
Company Name: CAPITACOMMERCIAL TRUST

Research House: OCBC

Price Call: BUY

Target Price: 1.80

Stock Name: Fortune Reit HK$
Company Name: FORTUNE REAL ESTATE INV TRUST

Research House: OCBC

Price Call: BUY

Target Price: 8.64

Stock Name: Starhill Gbl
Company Name: STARHILL GLOBAL REIT

Research House: OCBC

Price Call: BUY

Target Price: 1.05

MARKET PULSE: S-REIT, Bumi Armada

22 May 2013

KEY IDEA Singapore REITs: The burgeoning market In our latest assessment of the S-REITs sector, we continue to see familiar trends. REIT managers have generally maintained firm growth in their trusts' rental income, on the back of contributions from past investments and improved operational performance. For 2013, we are maintaining our view that S-REITs are likely to continue to deliver firm performance. Nevertheless, the S-REIT index has been enjoying a good run-up, raking up 36.7% gain in 2012 and another 12.7% increase YTD. Given that the S-REITs are now trading at a 24% premium to book value on average, we feel that it is prudent to be selective on S-REITs. We continue to prefer S-REITs with good growth potential, strong financial position and compelling valuations. In this respect, we continue to pick CapitaCommercial Trust [BUY, S$1.80 FV], Fortune REIT [BUY, HK$8.64 FV] and Starhill Global REIT [BUY, S$1.05 FV] as our preferred BUYs. Reiterate our OVERWEIGHTview on the broader S-REITs sector. (S-REITs Team) MORE REPORTS Bumi Armada Berhad: A good start to FY13F Bumi Armada Berhad's 1Q revenue jumped 46% YoY to MYR489m and net profit to shareholders increased by 22% YoY to MYR110m. The results were roughly in-line with ours and the consensus' estimates. Segment results were mixed. Although the FPSO, OSV and T&I segments had YoY increases in revenue, only FPSO and OSV showed segment profit improvements. The OFS segment reported no activity for 1Q13. The group also benefited from disposal gain of a subsidiary of MYR9.4m, write-back of doubtful debt of MYR2.0m and a net foreign exchange gain of MYR3.0m. We tweaked our models slightly to reflect 1Q13 results and roll forward our estimates to FY13/14. Accordingly, our fair value increases slightly to MYR3.56 (previously MYR3.74) on 21x PER. Maintain HOLD. (Chia Jiunyang)

For more information on the above, visit www.ocbcresearch.comfor the detailed report.

NEWS HEADLINES - US stocks closed higher on Tuesday after a strong earnings report from Home Depot and also due to market anticipation of Wednesday's testimony by Ben Bernanke in Congress. - Boustead Singapore's FY13 PATMI rose 46% YoY on the back of a 26% increase in revenue YoY. It announced a final dividend of 3 cents and a special dividend of 2 cents. - RELIGARE Health Trust (RHT) registered DPU of 3.55 S cents for the period spanning 19 Oct 2012 to 31 Mar 2013, missing its projected DPU of 3.61 S cents. - The Asian prime brokerage unit of Credit Suisse has replaced Morgan Stanley as the second largest firm servicing the region's US$148 billion hedge funds industry, a survey shows. - Fashion group Giorgio Armani's sales revenue rose over €2.0b (US$2.6b) in 2012, a 16% rise YoY. It saw a 11% jump in sales in crisis-hit Europe. - British luxury group Burberry posted a 14% rise in full-year pretax profit but forecasts declining profit in 1H13 due to reduction in wholesale markets in favor of retail markets.

Keppel REIT falls after parent firm trims stake

Stock Name: Kep REIT
Company Name: KEPPEL REIT

Research House: UOB KayHian

Price Call: HOLD

Target Price: 1.64

Units of Keppel REIT dropped more than 2% after its parent, Keppel Corporation, said it would sell a 6.7% stake in the trust for $280 million.

The price fall came after Keppel REIT marched to a 5-1/2-year high of $1.63 last week, rallying more than 20% so far this year and outperforming a 13% rise in the sector index .

An analyst at a foreign brokerage said the uncertainty of a new shareholder and concerns about further stake sales by Keppel Corp weighed on the trust.

Keppel REIT stood at $1.57 per unit but still above the selling price of $1.555 for the 180 million units or 6.7% of the total issued units of the trust. It was the second most actively traded stock.

Brokerage UOB Kay Hian said it remained positive on Keppel REIT because of the trust's strong office portfolio in Singapore, and retained its target price of $1.64.

OSPL - Good Morning S'pore - Central Dealing Desk

Stock Name: TigerAir
Company Name: TIGER AIRWAYS HOLDINGS LIMITED

Research House: OCBC

Price Call: HOLD

Target Price: 0.79

Stock Name: EuYanSang
Company Name: EU YAN SANG INTERNATIONAL LTD

Research House: OSK

Price Call: BUY

Target Price: 0.88

Market Compass

21 May 2013~ Good Morning Singapore!

Singapore Idea Snippets:

21 May 2013~ Good Morning Singapore! Central Execution Team - The Excellence of Execution 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 : When written in Chinese, the word 'crisis' is composed of two characters. One represents danger and the other represents opportunity. - JOHN F. KENNEDY Singapore: The Day Ahead SINGAPORE DAYBOOK:Law alone won't stop discrimination: Chuan-Jin. Moral suasion, measured response needed in review of employing foreigners [SINGAPORE] Anti-discrimination laws for workplaces remain a possibility, but will not be that "silver bullet that solves all problems". Acting Manpower Minister Tan Chuan-Jin yesterday reiterated that the government believes the current tripartite approach of tackling workplace discrimination along gender, age or nationality lines via "moral suasion" to be more effective and sustainable. Speaking to 500 business leaders and human resource practitioners at a conference on fair employment practices, Mr Tan said other countries' experiences with anti-discrimination laws show that legislation alone is not enough to alter mindsets. "Companies can fulfil the letter of the law, but not the spirit of it ... So legislation may cure and in fact may mask some of these symptoms, but it does not guarantee that we deal with the underlying problem," he said. (Source: The Business Times) MARKET SCOOP WE Holdings jumps on Myanmar business plan XMH jumps to 5-yr high on Koh Boon Hwee effect, speculation of major acquisition ahead SIA, SilkAir, Shenzhen Airlines in codeshare deal Ascott wins its first serviced residence deal in Riyadh Optus aims 4G coverage to reach 70% Australia's metro population by mid-2014 K-Green Trust gets new CFO Singapore's domestic wholesale trade falls 7.3% yoy in Q1 (Source: The Business Times) OCBC Securities says... TIGER AIRWAYS HOLDINGS | BUY | TP: S$0.79 Tiger Airways (TGR) reported a decent set of 4Q13 results with revenue increasing 49.4% YoY to S$240.6m - partly due to the lower base from TGR AU last year - and core operating profit was positive for the second straight quarter at S$12.7m (4Q12: -US$17.2m) Although losses from its associates caused an overall net loss of S$15.4m for the quarter, it was still an improvement over the same period a year ago (-S$16.4m) For FY13, TGR saw an overall core operating profit of S$7.3m (FY12: -S$83.4m) and its net loss narrowed to S$45.4m from S$104.3m a year ago In the coming quarters, TGR SG will increase its capacity by 25% following the addition of five new aircraft While this increase is substantial, we are comforted by its performance in FY13, and believe that growth in passenger traffic will be able to absorb this increase As a recap, TGR SG registered a 20.5% YoY increase in passenger traffic for 4Q13, which outpaced capacity growth of 14.3% YoY TGR's two associate airlines, Mandala and SEAir, experienced widening losses in 4Q13, and such losses could extend into FY14 Although it was not unexpected given their infancy stages - and we have already made concessions for a pickup only in FY15 - the magnitude of the losses requires us to be a little more conservative in our projections Despite the risk of a drag from its associates, we continue to like TGR for its growth prospects and anticipate a much improved core net profit performance for FY14 Maintain BUY rating on TGR with an unchanged fair value estimate of S$0.79 OSK DMG Securities says ... EU YAN SANG | BUY | TP:S$0.88 Eu Yan Sang said it has formed a 50:50 JV with Sichuan Neautus to set up a traditional Chinese medicine (TCM) decoction pieces (processed herbs) plant in China We view the move positively as it will give the Group better control of its supply chain This will ensure there is a stable supply of herbs and ingredients for EY's products The JV will invest CNY40m (SGD8m) capex in Phase One, which will involve the setting up of a Good Manufacturing Practice (GMP) standard TCM decoction pieces (processed herbs) plant in Chengdu Hi-Tech Zone in Sichuan province As construction of the plant is expected to take about a year, EY will not see any earnings contribution until 2015 Sichuan Neautus Traditional Chinese Medicine Co, founded in 2001, is the first GMP-certified pharmaceutical producer of herbal slices in China The company's chairman, Mr Jiang Yun, is also chairman of the Herbal Slice Chapter of the China Association of Traditional Chinese Medicine The Group recently reported a robust 54% surge in 3Q13 earnings to SGD8.4m, boosted by a faster-than-expected turnaround at its Australian operation This prompted us to upgrade the stock from Neutral to Buy As the share price has risen close to SGD0.80 TP, we are now raising our valuation multiple from 18x to 19x FY14F, to derive a new SGD0.88 TP DBS VICKERS Securities says... CSE GLOBAL | BUY | TP:S$0.97 1Q13 net profit of S$12.7m (flat y-o-y) was in line but new order win of S$95m (up 11% y-o-y) was below our S$110m estimate Free cash flow of S$13.6m resulted in its net gearing declining to 12% from 19% in 4Q12 Revenue declined 11% y-o-y due to lower onshore activity in North America and lower zero-margin revenue in the Middle East However its gross margin improved to 31.5% versus 27.9% in 1Q12 due to higher-margin offshore projects and less zero-margin revenue We trim FY13F/14F order win forecast to S$500m/ S$550m from S$550m/S$580m earlier leading to a 5%/4% cut in FY13F/14F earnings CSE has achieved 25% and 19% of our revised full-year earnings and order win forecasts There was no big order win in 1Q13, however, we expect CSE to secure two to three big order wins in 2H13F (S$100m in aggregate) on top of its smaller order wins of S$400m in FY13F These wins could come from LNG projects in Australia and Africa in 2H13F CSE has room to borrow S$40m to fund any potential acquisition which could accelerate earnings growth Our revised TP of S$0.97 is based on 9.6x FY13F PE The stock is a bargain versus STI at 16x FY13F PE (STI's hist. avg 13.9x) With 45% of the business recurring in nature, CSE has a resilient business model supporting a 40% payout ratio

SG: MARKET PULSE: Telecom Sector, Global Palm, Keppel Corp, ComfortDelGro (21 May 2013)

Stock Name: Global Palm
Company Name: GLOBAL PALM RESOURCES HLGS LTD

Research House: OCBC

Price Call: HOLD

Target Price: 0.17

Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: OCBC

Price Call: BUY

Target Price: 12.68

Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD

Research House: OCBC

Price Call: HOLD

Target Price: 1.95

MARKET PULSE: Telecom Sector, Global Palm, Keppel Corp, ComfortDelGro

21 May 2013

KEY IDEA Telecom Sector: Downgrade to NEUTRAL All three telcos reported 1QCY13 results that came in within our expectations, with all of them meeting between 25% and 27% of our full-year forecasts. Going forward, other than M1 expecting moderate earnings growth, the other two are guiding for a pretty muted showing this year, with SingTel expecting stable group revenue while StarHub has eased its guidance to low single-digit revenue growth from single-digit previously. Besides the run-up in the telcos' share prices YTD, which makes the yields less attractive, a more "risk on" approach could see investors switch out of defensive stocks. As such, we downgrade our rating from Overweight to NEUTRAL on the sector. (Carey Wong) MORE REPORTS Global Palm: HOLD; No catalysts yet Global Palm Resources (GPR) posted 1Q13 revenue of IDR66.8b, down 33% YoY and 4% QoQ, while reported net profit tumbled 36% YoY to IDR8.3b, meeting 29% and 25% of our full-year revenue and net profit estimates, respectively. While GPR has maintained its new planting target of 300-400ha for this year, it has made a very slow start, planting just 5ha in 1Q13 (versus 166ha in 1Q12) - the lowest new planting since 1Q11. Meanwhile, the outlook also remains muted, given the still-sluggish CPO prices and an impending increase in labour cost (with the upward revision in Indonesia's minimum wages this year). Until we see fresh progress in its land negotiation and/or acquisition of either new or existing plantations, we opt to keep our HOLD rating and S$0.17 fair value (based on 10x FY13F EPS). (Carey Wong) Keppel Corporation: Sells 6.7% of Keppel REIT at S$1.555/unit Summary: Keppel Corporation (KEP) announced that its wholly owned subsidiary, Keppel Real Estate Investment Pte Ltd, has entered into a sale and purchase agreement with Goldman Sachs (the placement agent) for the sale of 180m units of Keppel REIT (6.7% of total issued units of KREIT) for S$1.555/unit. The aggregate cash consideration of S$279.9m took into account KREIT's last transacted price of S$1.605/unit as at 20 May 2013 and the 30-day VWAP of S$1.5129. This is at a premium to the book value and NTA/share of S$1.31 and S$1.28, respectively, as at 31 Mar 2013. Upon completion of the sale (expected 27 May), KEP's interest in KREIT remains substantial (from 58.2% to 51.5%). Recall that KEP earlier rewarded shareholders with dividend in specie of KREIT units; announced on 24 Jan 2013 when KREIT's share price was S$1.37. Maintain BUYon KEP with S$12.68 fair value estimate. (Low Pei Han) ComfortDelGro - Addition to Australian operations ComfortDelGro announced yesterday that it will acquire a privately-held bus company, Driver Group Pty Ltd, for A$22m. This acquisition will add five long-term, metropolitan bus routes in the Eastern suburbs of Melbourne to ComfortDelgro's Australian operations in Victoria, and increase its fleet to 420 buses from 378. Assuming regulatory approval, this deal will be completed in Jul 2013. While the deal is relatively smaller compared to its previous acquisitions in Australia and will not have a material impact on its earnings in FY13, it demonstrates management's intent to actively grow its overseas operations and we view this positively. However, valuations for ComfortDelgro remain expensive in our view and we maintain HOLD on the counter with an unchanged fair value of S$1.95. (Lim Siyi)

For more information on the above, visit www.ocbcresearch.comfor the detailed report.

NEWS HEADLINES - Singapore's domestic wholesale trade fell 7.3% YoY in 1Q. This was mainly attributed to a domestic decline in domestic sales of petroleum & petroleum products. - Singapore has maintained its stronghold as Asia's Top Convention City for the 11th consecutive year, according to the latest global rankings released by the International Congress and Convention Association (ICCA) - Plastoform Holdings has exited the SGX watch-list with effect from 21 May 2013. - Goldman Sachs launched on Monday a sale of about US$1.1b worth of Hong Kong-traded shares in ICBC, offering to sell its entire remaining stake in the world's biggest bank. - Morgan Stanley said on Monday it has signed an agreement to sell its Indian wealth management unit to Standard Chartered. - Brazil will grow less than 3% this year according to the latest forecast released on Monday.

Credit Suisse cuts Jardine Matheson, Jardine Strategic to Neutral

Stock Name: JSH 500US$
Company Name: JARDINE STRATEGIC HLDGS LTD

Research House: Credit Suisse

Price Call: HOLD

Target Price: 42.00

Stock Name: JMH 400US$
Company Name: JARDINE MATHESON HLDGS LTD

Research House: Credit Suisse

Price Call: BUY

Target Price: 72.00

Credit Suisse downgrades both Jardine Matheson (J36.SG) and Jardine Strategic (J37.SG) to Neutral from Outperform as it believes “near-term positives have been priced in, and there is limited scope for a further narrowing of discount to NAV.”

It notes JM and JS currently trade at NAV discounts of 16% and 27%, respectively, close to historical lows. Following the Interim Management Statement, the house reduces its 2013-14E EPS for JM/JS by 4%, mainly through lower estimates for its key subsidiaries Astra International (ASII.JK), Dairy Farm (D01.SG) and Jardine Pacific.

It notes mixed trading across key subsidiaries, with Astra’s 1Q13 results achieving 20% of FY13 consensus forecast, Dairy Farm’s earnings marginally lower on year due to weakness in Malaysia, and the vacancy rate for HongKong Land’s (H78.SG) central portfolio at 6.3%, up from 3.4% in December 2012.

The house cuts JM’s target price to US$72 from US$74, and JS’s target price to US$42 from US$43, as it sees “limited further upside given the strong share price performance since October 2012.” JM is flat at US$67.62. JS is up 0.3% at US$40.79.