The daily report summarizes the top gainers and losers on the SGX stock exchange. Hongkong Land Holdings had the largest gain of 1.8% while Golden Agri-Resources lost the most with a decline of 2.17%. The report also provides brief summaries on Cache Logistics Trust proposing to renew a master lease, HSBC's outlook for global equities and earnings growth in 2015, an analysis of First Resources and its positioning, the impact of rising costs of capital on Singapore REITs, and initial progress by Yangzijiang Shipbuilding in improving efficiencies.

1. DAILY REPORT
15th DECEMBER 2014
Y O U R M I N T V I S O R Y
Page 1
DAILY SGX REPORT
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2. DAILY REPORT
15th DECEMBER 2014
Y O U R M I N T V I S O R Y
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TOP GAINERS & LOSERS TOP GAINER % Change Hongkong Land Holdin... +1.80%
Jardine Strategic Ho...
+1.53% DBS Group Holdings L... +1.52%
Singapore Exchange L...
+1.45% Wilmar International... +1.25%
Global Logistic Prop...
+0.79% City Developments Lt... +0.50%
Jardine Matheson Hol...
+0.28% ComfortDelGro Corp L... 0.00%
Thai Beverage PCL
0.00% TOP LOSER % Change
Golden Agri-Resource... -2.17%
Keppel Corp Ltd
-1.34% Noble Group Ltd -1.29%
Ascendas Real Estate...
-1.28% CapitaLand Ltd -1.20%
Sembcorp Industries ...
-1.17% Jardine Cycle & Carr... -0.84%
Sembcorp Marine Ltd
-0.34% Singapore Airlines L... -0.17%
Genting Singapore PL...
0.00% Hutchison Port Holdi... -0.70%
Olam International L...
-1.23% ComfortDelGro Corp L... -1.21%
Singapore Press Hold...
-0.94% Straits Times Index (STI)
HKL
JS
DBA
SGX
WIL
GLP
CIT
JM
CD
THBEV
% Change
1.80%
1.53%
1.52%
1.45%
1.25%
0.79%
0.50%
0.28%
0.00%
0.00%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
TOP GAINERS
GGR
KEP
NOBL
AREIT
CAPL
SCI
JCNC
SMM
SIA
GENS
%Change
-2.17
-1.34
-1.29
-1.28
-1.20
-1.17
-0.84
-0.34
-0.17
0.00%
-2.50%
-2.00%
-1.50%
-1.00%
-0.50%
0.00%
TOP LOOSERSSnapshot for Straits Times Index STI (FSSTI) Open 3,320.62 Previous Close 3,318.70 Day Range 3,315.42-3,336.83 Year-to- Date +8.03% 1-Year +12.07% 52-Week Range 2,953.01-3,387.84

3. DAILY REPORT
15th DECEMBER 2014
Y O U R M I N T V I S O R Y
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
 Cache Logistics Trust (Cache) has proposed the renewal of the master lease at CWT Commodity Hub from April 2015. This is the first renewal since Cache’s listing in 2010. Reversion of 0.4% is c.6% below our net rental income estimate, but could be 10-15% below consensus.  HSBC Global equities in 2015 - Earnings to set the speed limit-We see modest upside to global equities in 2015, with earnings growth taking over as the key driver of returns.We are overweight Europe and EM, and underweight the US. We recommend a defensive tilt at the sector level with overweight positions on Telecoms, Utilities, Consumer Staples and Financials. Our analysts identify four themes likely to drive returns over the next 12 months.  First Resources is relatively better positioned among peers to ride through the headwinds and deliver decent profits. FR’s strength lies in its balanced age profile that ensures good production growth and cash flow. This, together with prudent cost control and flexible downstream operations, makes FR one of the most profitable plantation companies.  Singapore REITs - Adjusting to the new normal-: S-REITs to face rising cost of capital. Prefer S-REITs with organic growth due to fewer acquisition opportunities. We interpret the FED’s decision to begin tapering its monthly bond-buying program and at the same time keeping short-term interest rates low as a signal that “taper” and “rate hikes” are not synonymous events. As such, the yield curve will continue to remain steep, with rates on the longer-tenure 10-year bonds to remain elevated on expectations of rising inflation. This will mean that investors of SREITs will likely to require higher returns to compensate for thinning spreads against the 10- year bonds in 2014. However, with S-REITs trading at a yield spread of 4.0% (vs 3.5% historical average), we believe that much of this risk has been priced in.  Yangzijiang Shipbuilding (Holdings) Ltd. - Initial steps in the right direction-: YZJ’s order book has yielded better than expected gross profit margins in 2014, driven by weaker steel prices as well as gains in construction efficiency for its first batch of large 10,000TEU containerships. About 25% of YZJ's costs relate to steel plates, thus the 40% steel price fallen since these contracts were first inked in 2011 has boosted GP margins; while drydock days have been cut from 130 to 70. In 2015, we expect YZJ's shipbuilding product mix to continue yielding healthy margins.
MARKET UPDATES & STOCK RECOMMENDATION

4. DAILY REPORT
15th DECEMBER 2014
Y O U R M I N T V I S O R Y
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