1. 15Tth
August
Y O U R M I N T V I S O R Y Page 1
SGX UPDATES:
Singapore Exchange (SGX) is pleased to welcome the
listing of Soilbuild Business Space REIT Mainboard, under
the stock code "SV3U".
According to DBS, Noble’s revenue posted a decent 5% y-
o-y and 12% q-o-q growth to US$25.3bn in 2Q13, on
higher volume of 57.7mt (+7% y-o-y, +10% q-o-q).
However, core profit disappointed at US$77.1m (excl.
US $14.3m loss on supply chain asset), down 47% y-o-y,
but up 27% from a low base last quarter.
Here's more from DBS:
The culprit was again the Agriculture segment
which reported a US$54m operating loss, a marginal
improvement from US$66m in 1Q. This was partially
mitigated by stronger performances of the other
two segments, Energy and MMO.
Sequential recovery expected for Agriculture. Noble’s
sugar mill operations in Brazil are poised to recover
significantly as we enter the peak season in 3Q, aided by
higher ethanol production and prices.
The recovery in sugar prices plays a critical role. The
current price at 16-17 UScents/pound is not sustainable
as even the first quartile sugar mills are barely profitable.
TOP GAINERS & LOSERS
TOP GAINER % Change
SIA Engineering Co L... +1.05%
Genting Singapore PL... +0.36%
Singapore Airlines L... +0.30%
Olam International L... 0.00%
Golden Agri-Resource... 0.00%
Hutchison Port Holdi... 0.00%
Singapore Press Hold... -0.25%
ComfortDelGro Corp L... -0.51%
United Overseas Bank... -0.65%
DBS Group Holdings L... -0.70%
TOP LOSER % Change
Thai Beverage PCL -2.75%
Oversea-Chinese Bank... -1.69%
Global Logistic Prop... -1.46%
Sembcorp Industries ... -1.39%
Singapore Telecommun... -1.33%
City Developments Lt... -1.31%
Jardine Cycle & Carr... -1.30%
CapitaLand Ltd -1.23%
Keppel Corp Ltd -1.14%
CapitaMalls Asia Ltd -1.02%
Snapshot for Straits Times Index STI (FSSTI)
Open: 3,249.46 Day Range: 3,231.56 - 3,251.64 Year To Date: +4.91%
Previous Close: 3,244.12 52-Week Range: 2,931.60 - 3,464.79 1-Year: +8.59%

2. 15Tth
August
Y O U R M I N T V I S O R Y Page 2
STOCK RECOMMENDATION:
BUY DBS GROUP HOLDINGS ABOVE 17.030 TG 17.110, 17.220, 17.350 SL 16.910
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