Morning Pack

Singapore Research Team – 6533 9688 research@dbsvickers.com www.dbsvickers.com “In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.” “Recipients of this report, received from DBS Vickers Research (Singapore) Pte Ltd (“DBSVR”), are to contact DBSVR at +65 6398 7954 in respect of any matters arising from or in connection with this report.” Spotlight On (RE) Asian Property Surveyor: Are we almost there? • Residential segment facing normalization period, RNAV uplifts from office sector • Malaysia our favourite, prefer Hong Kong office over Singapore • Top picks SP Setia, Sunway City, Cheung Kong, Hongkong Land, Keppel Land, Capitaland (HK) Dalian Port: Good as black gold BUY (Initiate coverage); HK$3.45; 2880 HK; Price Target: 12-Month HK$4.18 • Dalian Port is a leading port in Northeastern China and has a near monopoly on oil imports • Container, automobile and other port-related segments should also benefit from the region’s growth, driven by revitalisation plan • Potential A-share listing could drive re-rating • Initiate coverage with BUY rating, TP HK$4.18, offering 21% potential upside. Ideas & Updates REGIONAL Asian Property Surveyor – See Spotlight HONG KONG / CHINA China Resources Land: Sales to pick up in 2H10 BUY; HK$15.14; 1109 HK; Price Target: 12-month HK$17.84 Dalian Port – See Spotlight THAILAND Telecom Sector: Mixed signals from public consultation on 3G licenses DBS Group Research . Equity 28 June 2010 Regional Morning Pack Regional Morning Pack Page 2 Analyst Roadshows & Events 2010* Events Date Location DBSV Analyst Asean Banks 28- 30 Jun HK Lim Sue Lin HK, Singapore Property 30 Jun – 14 Jul HK/SG/KL Jeff Yau, Mun Yee Lock Regional Mkt Strategy 30 Jun – 17 Jul KL/SG/HK Joanne Goh Singapore Mkt Strategy 30 Jun – 17 Jul KL/SG/HK Janice Chua Hanadaetoo Strategy 26 – 30 Jul US Jay Kim POA Conference (SG, HK, China, Korea, Msia, Thai, Indo) 6 –8 Jul SG *To register your interest in the above events, please contact your DBSV Sales representative. Market Data Earnings Gth (%) PE (x) 10F 11F 10F 11F Singapore 19.3 14.6 13.9 12.1 Malaysia 18.4 18.0 15.4 13.1 HK HSI 22.9 15.8 13.8 11.9 HK HSCCI (Red) 17.9 10.6 15.6 14.1 HK HSCEI (H) 27.8 18.2 12.3 10.4 Thailand 14.8 12.6 11.1 9.9 Indonesia 16.7 17.7 15.0 12.7 Source: DBS Vickers Key Indices Indices Closed as of 25 Jun 10 % chg vs previous close YTD (%) QTD (%) MTD (%) Asia JCI Index 2,947 1.1 16.3 6.1 5.4 PCOMP 3,352 0.6 9.8 6.0 2.4 KOSPI 1,730 -0.6 2.8 2.2 5.4 SET 794 0.1 8.0 0.7 5.8 KLCI 1,326 0.0 4.2 0.4 3.2 BSE Sensex 17,575 -0.9 0.6 0.3 3.7 STI 2,852 0.1 -1.6 -1.2 3.6 Hang Seng 20,691 -0.2 -5.4 -2.6 4.7 MXFEJ index 434 -1.0 -3.5 -4.0 3.5 HSCEI Index 11,865 -0.6 -7.3 -4.3 3.2 HSCCI Index 3,889 -0.8 -4.2 -5.2 4.1 Taiex 7,475 -1.5 -8.7 -5.6 1.4 Nikkei 225 9,737 -1.9 -7.7 -12.2 -0.3 Shang