Research Library


Economics and Macro Strategy
Group Research21 Aug 2019
  • Access our research products here
    Photo: AFP



    Macro Insights Video

    Macro Strategy Daily

    Economics & Macro Strategy Flash

    Weekly (Chart of the Week (on Mondays); Weekly (on Fridays)

    Focus & Thematic 

    Rates

    Chartbook

     


    Video/Livestream Series: DBS Macro Insights


    Date Report
    August 7, 2019 A Noisy Landscape HTML
    July 15, 2019 The Dark Matter of Trade HTML
    July 1, 2019 A Gathering of Doves HTML
    June 26, 2019 Vietnam, the Rising Star HTML
    June 14, 2019 Global macro risks HTML
    May 31, 2019 A Summer of Discontent HTML
    May 13, 2019 Our ETF Strategy  HTML
    May 6, 2019 Sing Dollar: What's it all about? HTML
    April 12, 2019 Our China outlook HTML
    April 4, 2019 From Trade War to Tech War English|Chinese MP4
    March 22, 2019 FOMC meeting and implication for assets HTML
    March 5, 2019 India’s economy and markets around elections HTML
    February 27, 2019 GDP Nowcasting (China, India, Singapore) HTML
    February 19, 2019 Singapore Budget 2019 HTML

    Back to Top ^


    Macro Strategy Daily

    Date Report
    August 21, 2019 Fiscal stimulus chatter picking up; Measured easing ahead from BI HTML
    August 20, 2019 Germany weighs fiscal stimulus; China govvies are attractive HTML
    August 19, 2019 A pivotal week for FX after recent sell-off; Asia rates look attractive  HTML
    August 16, 2019 SGS a beneficiary in a low yield world; USD defies plunge in US bond yields HTML
    August 15, 2019 Bonds flashing ominous signs; Trade tensions to keep USD strong HTML
    August 14, 2019 A welcome trade war de-escalation in the short term HTML
    August 13, 2019 Stress ahead for EM; USTs supported HTML
    August 8, 2019 Three central banks cut rates; Global bond rally nearing uncharted territory  HTML
    August 7, 2019 Drivers of KRW & INR weakness; Muted inflation expectations in the DM  HTML
    August 6, 2019 China labelled a currency manipulator, 10Y US yields to revisit all-time low? HTML
    August 5, 2019 DM yields lower for longer; Trade woes weigh on EM Asian FX HTML
    August 2, 2019 Risk aversion returns on renewed trade tensions HTML
    August 1, 2019 More Powell to the USD; Dealing with a less dovish Fed HTML
    July 31, 2019 Indian FPIs shifted from equities into debt; Watching Fed guidance on data dependency HTML
    July 30, 2019 GBP has a dovish pivot too; Stronger guidance from BOJ HTML
    July 29, 2019 Coming to terms with a strong USD; Fed guidance awaited HTML
    July 26, 2019 ECB sticks to script ; A patient Fed to support the USD and rates HTML
    July 25, 2019 Dovish ECB; Weaker non-USD currencies  HTML
    July 24, 2019 Weaker SGD and policy bias; Global rates rally to take a breather HTML
    July 23, 2019 GBP waiting to be pounded; Indian yields consolidate HTML
    July 22, 2019 EUR breaks below 1.12 on a more dovish ECB vs Fed HTML
    July 19, 2019 KRW outlook; Further Asia easing ahead HTML
    July 18, 2019 THB to stop outperforming; Indonesia to ease again HTML
    July 17, 2019 BOK cut coming; Fed cannot weaken USD HTML
    July 16, 2019 Are Indian bonds too expensive and Chinese bonds a bargain?  HTML
    July 15, 2019 Asia FX caught between Fed cut & a slowing China; Take a wider perspective on Fed easing HTML
    July 12, 2019 Fed Chair affirms market doves; mildly constructive US equity sentiments  HTML
    July 11, 2019 Fed cut is signed, sealed and awaiting delivery HTML
    July 10, 2019 Dimmer outlook for GBP and EUR; Front-end of the USD curve vulnerable to Powell HTML
    July 9, 2019 Singapore M&A picking up; Short-term momentum favours USD HTML
    July 8, 2019 US treasuries jolted by payrolls; USD finds support HTML
    July 5, 2019 USD trend amid monetary policy convergence; revising rates forecasts HTML
    July 4, 2019 Assessing the demand for Singapore Savings Bonds; S-REITs; INR yields HTML
    July 3, 2019 Record inflows to US-listed ETFs; US payrolls may catch bond markets off guard HTML
    July 2, 2019 AUD back below 0.7; Are low yields and high stock prices compatible?  HTML
    July 1, 2019 More relief than rally after the G20 HTML
    June 28, 2019 No correct amount of caution going into the Xi-Trump G20 meeting HTML
    June 27, 2019 GBP caught wrong footed; Profit taking across US Treasuries   HTML
    June 26, 2019 Profit taking on bearish USD bets; Asia govvies to ride on likely Fed & ECB easing HTML
    June 25, 2019 SGSs still look compelling; INR yields news-driven with a downside bias HTML
    June 24, 2019 Taking stock before the G20, checking recent optimism with reality HTML
    June 21, 2019 Oil & gold prices heading higher; Insurance vs recession cuts HTML
    June 20, 2019 Fed signals flexibility; rising odds of Indonesia and Philippines easing HTML
    June 19, 2019 Dovish ECB, Fed next; Trump-Xi to meet at G20; Indonesia & Philippines eye easing HTML
    June 18, 2019 ECB is behind the curve on global risks; re-centering our EUR & JPY rates forecasts lower  HTML
    June 17, 2019 Fed will play up policy flexibility; USD underpinned by G3 monetary outlook HTML
    June 14, 2019 Insurance cuts supportive of equities; still like USD over EUR HTML
    June 13, 2019 AUD outlook remains poor; central bank puts in play HTML
    June 12, 2019 Sequentially difficult to take the USD down; Caution in Asia rates HTML
    June 11, 2019 Flight to safety; CNY testing 7; China govvie outperformance ahead HTML
    June 10, 2019 DXY support and rich rates curves HTML
    June 7, 2019 ECB is seen falling behind the Fed on growth risks HTML
    June 6, 2019 ECB to balance pressures on the USD from the Fed HTML
    June 4, 2019 Sentiment fragile but can also be fickle HTML
    June 3, 2019 Entering June with more worries HTML
    May 31, 2019 USD is not as weak as its peers; Trading opportunity in Indonesia equities HTML
    May 30, 2019 Looking for a dovish BOK; US bond rally stalls  HTML
    May 29, 2019 Trade tensions matter more than US Currency Report; How low can US yields go?  HTML
    May 28, 2019 Jitters in the Chinese interbank space; INR bonds bask in glow HTML
    May 27, 2019 Plunging USD yields offers respite to Asian FX; Upside to SGD rates forecast HTML
    May 24, 2019 Downside risks in focus HTML
    May 23, 2019 India assets awaiting election outcome; Indo govvies look undervalued  HTML
    May 22, 2019 Drivers of a weak SGD and THB outlook  HTML
    May 21, 2019 No FX respite from election outcomes HTML
    May 17, 2019 Capping USDCNH with a higher CNH Hibor; UST yields bounce off support  HTML
    May 16, 2019 Brexit dynamic GBP negative; concerns on Libor/Hibor spread   HTML
    May 15, 2019 INR bonds eye liquidity support; Bond flows in Malaysia and China set to improve HTML
    May 14, 2019 RMB is bound for 6.9; SGD rates underperformance to persist  HTML
    May 13, 2019 Trade tensions alive and lurking; rates brace for more volatility HTML
    May 10, 2019 High noon for China-US trade talks HTML
    May 9, 2019 US-China trade tensions front and centre HTML
    May 8, 2019 Market pricing on trade talks still tentative; BNM eases policy rate  HTML
    May 7, 2019 Keep those seat belts buckled  HTML

    Back to Top ^


    Economics & Macro Strategy Flash 


    Date Report
    August 15, 2019 China: Slowing growth; more stimulus to come HTML|PDF
    August 14, 2019 Navigating the sovereign bond landscape HTML|PDF
    August 14, 2019 India: Is a coordinated policy response likely? HTML|PDF
    August 13, 2019 Singapore’s dour growth outlook HTML|PDF
    August 8, 2019 India: RBI breaks from convention, cuts by 35bps HTML|PDF
    August 7, 2019 Philippines: Expecting another 50bps of rate cut this year HTML|PDF
    August 6, 2019 India rates: Divergence in impact to market turnmoil HTML|PDF
    August 5, 2019 Japan-South Korea trade fight a lose-lose scenario HTML|PDF
    August 1, 2019 FOMC yields to markets; will yield again HTML|PDF
    July 31, 2019 Understanding China: Uneven impact of trade war on provinces HTML|PDF
    July 29, 2019 Thailand: Policymakers uncomfortable with baht strength HTML|PDF
    July 18, 2019 Eurozone: Not a matter of if but when and how policy eases HTML|PDF
    July 18, 2019 South Korea: First rate cut since 2016; more to come HTML|PDF
    July 17, 2019 Indonesia: Rate cuts in the horizon HTML|PDF
    July 17, 2019 India: External borrowing to fund budget; good or bad? HTML|PDF
    July 17, 2019 Asian bonds in demand: catalysts and upside HTML|PDF
    July 16, 2019 China: Slowing growth along with signs of stabilization  HTML|PDF
    July 16, 2019 SGD rates: The liquidity conundrum HTML|PDF
    July 15, 2019 Downgrading Singapore’s growth forecast HTML|PDF
    July 12, 2019 Singapore’s 2Q GDP contraction and policy implication HTML|PDF
    July 11, 2019 Fed policy and melt-up risks HTML|PDF
    July 8, 2019 China Government Bonds: Unlikely laggards HTML|PDF
    July 5, 2019 India Budget: continuity with change  HTML|PDF
    July 3, 2019 Japan-Korea tensions pose new risks to electronics supply chains HTML|PDF
    June 26, 2019 Thailand: BOT on hold, safe-heaven interests perk THB assets HTML|PDF
    June 25, 2019 Xi-Trump: Be realistic, not optimistic HTML|PDF
    June 21, 2019 Oil/gold prices: Upside risks have not gone away HTML|PDF
    June 20, 2019 Fed poised to cut, but only the much more soft data HTML|PDF
    June 12, 2019 China: Economic dataflow to weaken further HTML|PDF
    June 10, 2019 Rates: The flight-to-safety trade HTML|PDF
    June 4, 2019 FOMC to cut rates as insurance HTML|PDF
    June 4, 2019 India: 3 reasons to be bullish govvies HTML|PDF
    June 3, 2019 SGD rates: Time to grab yield HTML|PDF
    May 30, 2019 Soft growth to revive debate on India’s real rates HTML|PDF
    May 28, 2019 US markets still divided over rate cut or not this year HTML|PDF
    May 23, 2019 Decisive win for India’s ruling coalition HTML|PDF
    May 22, 2019 SGD rates: Tight liquidity HTML|PDF
    May 22, 2019 Eurozone: Politics over economics HTML|PDF
    May 21, 2019 Advantage ruling coalition, as per India's exit polls  HTML|PDF
    May 21, 2019 Recalibrating Singapore's GDP outlook HTML|PDF
    May 16, 2019 China’s slowdown shadows return HTML|PDF
    May 14, 2019 Impact of escalating trade war on Taiwan HTML|PDF
    May 14, 2019 India: Market volatility to hurt June rate cut odds HTML|PDF
    May 10, 2019 China: Stimulus is working; more coming HTML|PDF
    May 9, 2019 Philippines: BSP to cut rates soon HTML|PDF
    May 2, 2019 Taiwan: No recession, but tepid growth ahead HTML|PDF
    April 30, 2019 China: Economy still fragile despite stabilisation policies HTML|PDF
    April 30, 2019 Malaysian bonds: from bullish to neutral HTML|PDF
    April 26, 2019 Malaysia: Rate cut ahead HTML|PDF
    April 18, 2019 Pressure eases on Indonesia's trade balance HTML|PDF
    April 17, 2019 India: Tempering growth expectations HTML|PDF
    April 16, 2019 Singapore’s GDP: Expect a better 2H19 HTML|PDF
    April 16, 2019 China: Stable signs, slower growth HTML|PDF
    April 12, 2019 China: Higher CPI will not tighten policy HTML|PDF
    April 11, 2019 ECB is dovish but keeping its power dry HTML|PDF
    April 10, 2019 Low aggregate balances to gently lift Hibor HTML|PDF
    April 8, 2019 South Korea & Taiwan: Tentative signs of a bottom HTML|PDF
    April 4, 2019 India: RBI leaves door open for another neutral cut HTML|PDF
    April 4, 2019 No urgency to tighten SGD policy HTML|PDF
    March 28, 2019 India’s current account math to improve HTML|PDF
    March 27, 2019 China stimulus tracker: A one-year report card HTML|PDF
    March 26, 2019 Philippine Bonds: Soaring returns HTML|PDF
    March 20, 2019 Thailand: Elections a bigger watch factor than rate review HTML|PDF
    March 19, 2019 India’s trade deficit with China has improved HTML|PDF
    March 18, 2019 Thailand: THB seasonality to flip HTML|PDF
    March 14, 2019 Shanghai trip notes: Weak demand; improving liquidity HTML|PDF
    March 14, 2019 Malaysia: Bank Negara turned marginally dovish HTML|PDF
    March 12, 2019 SGD rates: Time to outperform HTML|PDF
    March 8, 2019 European Central Bank turns a dovish hue HTML|PDF
    March 6, 2019 Malaysian Bonds: Fiscal concerns easing HTML|PDF
    March 6, 2019 India: US considers withdrawal of trade concessions HTML|PDF
    March 5, 2019 South Korea & Taiwan: lower inflation, stable rates HTML|PDF

    Back to Top ^

      

    Weekly


    Date Report
    August 19, 2019 Chart of the Week: Hong Kong’s retail sales and tourism downturn HTML|PDF
    August 16, 2019 Weekly: Negative feedback loop HTML|PDF
    August 13, 2019 Chart of the Week: Divergent China/US/EU dataflow HTML|PDF
    August 8, 2019 Weekly: 60 variables, 31 charts, and one dashboard to capture gyrating global macro risks HTML|PDF
    August 5, 2019 Chart of the Week: Trade war's impact on foreign and Chinese firms HTML|PDF
    August 2, 2019 Weekly: Easing Race HTML|PDF
    July 29, 2019 Chart of the Week: Who’s benefited from the near-term diversion in US purchases HTML|PDF
    July 26, 2019 Monthly: Four ways Asian growth can bottom in 2H19 HTML|PDF
    July 22, 2019 Chart of the Week: Hibor and USD/HKD will remain stable HTML|PDF
    July 19, 2019 Weekly: Asian central banks on the move HTML|PDF
    July 15, 2019 Chart of the Week: US growth data don’t justify deflation fears HTML|PDF
    July 12, 2019 Weekly: Insurance cuts for what? HTML|PDF
    July 8, 2019 Chart of the Week: Europe’s yield spreads HTML|PDF
    July 5, 2019 Weekly: ECB’s dovish leadership transition HTML|PDF
    July 1, 2019 Chart of the Week: Market reactions to US-China trade truce muted HTML|PDF
    June 28, 2019 Monthly: Searching for a breather HTML|PDF
    June 24, 2019 Chart of the Week: Back in the ring - US Fed vs Markets HTML|PDF
    June 21, 2019 Weekly: Currency War and Monetary Easing HTML|PDF
    June 17, 2019 Chart of the Week: Buffers to defend HKD HTML|PDF
    June 14, 2019 Weekly: Hong Kong under spotlight HTML|PDF
    June 10, 2019 Chart of the Week: Dollar's retreat and gold's rebound HTML|PDF
    June 7, 2019 Weekly: Litany of Risks HTML|PDF
    June 3, 2019 Chart of the Week: Slowdown to be exacerbated by debt burden HTML|PDF
    May 31, 2019 Monthly: A Summer of Discontent HTML|PDF
    May 27, 2019 Chart of the Week: Surging FDI from China/HK to Vietnam HTML|PDF
    May 24, 2019 Weekly: Rising Asian FX volatility and vulnerability HTML|PDF
    May 21, 2019 Chart of the Week: Gauging the trade war vulnerability of Asian economies HTML|PDF
    May 17, 2019 Weekly: A China-US decoupling scenario HTML|PDF
    May 13, 2019 Chart of the Week: Trade wars have yet to alter global investment dynamics HTML|PDF
    May 10, 2019 Weekly: Global and trade wars HTML|PDF
    May 6, 2019 Chart of the Week: Trade recovery hostage to US-China trade talks HTML|PDF
    May 3, 2019 Weekly: Reviewing global price trends HTML|PDF
    April 29, 2019 Chart of the Week: Weak trade figures will persist, but don’t worry HTML|PDF
    April 26, 2019 Monthly: Waiting for a trade revival HTML|PDF
    April 22, 2019 Chart of the Week: Asian equity funds flush with cash to deploy  HTML|PDF
    April 18, 2019 Weekly: China's positive impulse to the global economy HTML|PDF
    April 15, 2019 Chart of the Week: Foreign investors eye China's bond markets HTML|PDF
    April 12, 2019 Weekly: Don't dismiss inflation HTML|PDF
    April 8, 2019 Chart of the Week: Singapore GDP and MAS meeting are the focus this week HTML|PDF
    April 5, 2019 Weekly: View from Europe - a tentative trough HTML|PDF
    April 1, 2019 Chart of the Week: Tech war and electronics supply chain relocation: who could benefit? HTML|PDF
    March 29, 2019 Monthly: Can markets pull up the global economy? HTML|PDF
    March 25, 2019 Chart of the Week: US recession probabilities rise, but when?  HTML|PDF
    March 22, 2019 Weekly: Global economy gets a helping hand from the Fed and China HTML|PDF
    March 18, 2019 Chart of the Week: Fed vs Markets HTML|PDF
    March 15, 2019 Weekly: No to no-deal Brexit HTML|PDF
    March 11, 2019 Chart of the Week: US dollar still in vogue, SWIFT data suggests HTML|PDF
    March 8, 2019 Weekly: Real Interest Rates in Asia: Room to Ease HTML|PDF
    March 4, 2019 Chart of the Week: Asian property prices HTML|PDF
    March 1, 2019 Weekly: What will cause global trade to bottom? HTML|PDF

    Back to Top ^

      

    Focus & Thematic


    Date Report
    August 19, 2019 G3 rates: Seeking refuge HTML|PDF
    August 16, 2019 Indonesia: Surfacing economic weakness HTML|PDF
    August 13, 2019 Japan: 5 challenges in the second half HTML|PDF
    August 7, 2019 Taiwan: Trade war, tourism ban, and the rise of MIT HTML|PDF
    August 2, 2019 Hong Kong: Growth downgraded HTML|PDF
    July 27, 2019 Monthly: Four ways Asian growth can bottom in 2H19 HTML|PDF
    July 22, 2019 Forthcoming Fed rate cuts; what’s the trade? HTML|PDF
    July 1, 2019 Understanding India: Time is RIPE HTML|PDF
    June 28, 2019 Monthly: Searching for a breather HTML|PDF
    June 20, 2019 India's monetary policy to do much of the heavy lifting HTML|PDF
    June 6, 2019 Understanding China-China-US Relationship: Self-interest vs Mutuality HTML|PDF
    June 3, 2019 3Q Equity strategy - Position defensively HTML|PDF
    May 31, 2019 Monthly: A Summer of Discontent HTML|PDF
    May 29, 2019 A Global Macro Risk Dashboard HTML|PDF
    May 28, 2019 Understanding Vietnam: The rising star HTML|PDF
    May 27, 2019 Taiwan more vulnerable to tech war than S Korea HTML|PDF
    May 17, 2019 What’s driving India’s debt markets? HTML|PDF
    May 14, 2019 USD Rates: What will prompt the Fed to cut? HTML|PDF
    May 6, 2019 China: RRR cut signals PBoC still supportive HTML|PDF
    April 30, 2019 India: Resilient remittances HTML|PDF
    April 29, 2019 Monthly: Waiting for a trade revival HTML|PDF
    April 24, 2019 ETF Strategy – Singapore offers plenty of diversification HTML|PDF
    April 1, 2019 Asia equities - Another volatile month ahead HTML|PDF
    March 29, 2019 Monthly: Can markets pull up the global economy? HTML|PDF
    March 27, 2019 USD rates: Flat, flatter, inverted HTML|PDF
    March 21, 2019 Fed’s dovish tilt and market implications HTML|PDF
    March 14, 2019 Understand China: China-US: From trade war to tech war HTML|PDF
    March 12, 2019 India: Policy transmission, through banks and markets, will be key HTML|PDF
    March 12, 2019 Understanding China – Self-Sufficiency 2.0 HTML|PDF
    March 7, 2019 Hong Kong – Core of the Greater Bay Area HTML|PDF
    March 6, 2019 USD rates: Pause, not stop HTML|PDF
    March 4, 2019 China rates and credit: Unearthing value HTML|PDF

    Back to Top ^
     

    Rates Dashboard


    Date Report
    August 19, 2019 SG

    Back to Top ^


    Chart Book


    Date Report
    July 18, 2019 Hong Kong chartbook: Booming asset price despite economic slowdown HTML|PDF
    June 24, 2019 Malaysia Chartbook: Slow growth, weak inflation HTML|PDF
    June 17, 2019 Taiwan chart book – Trade war’s costs and silver lining HTML|PDF
    June 3, 2019 Singapore Chartbook: Down but not out HTML|PDF
    May 22, 2019 China chart book: Shadow of an escalating trade war HTML|PDF
    May 14, 2019 South Korea chart book: An improving cycle vulnerable to trade wars HTML|PDF
    April 23, 2019 Thailand chart book: Slower growth, eye on election outcome HTML|PDF
    December 10, 2018 DBS Annual Chartbook: 2019 in 64 charts HTML|PDF
    November 19, 2018 Hong Kong Chart book: Increasing external headwinds HTML|PDF
    October 15, 2018 India chart book: Volatility overshadows growth HTML|PDF
    August 7, 2018 Indonesia chart book – Consumption trumps weak trade HTML|PDF

    Back to Top ^

     

    This report is published by DBS Bank Ltd. This report is intended for clients of DBS Bank Ltd only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Bank Ltd. The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd., its related corporations (as defined in the Companies Act Chapter 50 Singapore), affiliates and their respective directors, officers, employees and agents (collectively, the “DBS Group”) do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate independent legal or financial advice. The DBS Group accepts no liability whatsoever for any direct, indirect and/or consequential loss (including any claims for loss of profit) arising from any use of and/or reliance upon this document and/or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. The DBS Group, along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. The DBS Group may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. Any valuations, opinions, estimates, forecasts, ratings or risk assessments herein constitutes a judgment as of the date of this report, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments. The information in this document is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the company (or companies) referred to in this report. The valuations, opinions, estimates, forecasts, ratings or risk assessments described in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, ratings or risk assessments described herein IS NOT TO BE RELIED UPON as a representation and/or warranty by the DBS Group (and/or any persons associated with the aforesaid entities), that: (a) such valuations, opinions, estimates, forecasts, ratings or risk assessments or their underlying assumptions will be achieved, and (b) there is any assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, ratings or risk assessments stated therein. Any assumptions made in this report that refers to commodities, are for the purposes of making forecasts for the company (or companies) mentioned herein. They are not to be construed as recommendations to trade in the physical commodity or in the futures contract relating to the commodity referred to in this report. DBS Vickers Securities (USA) Inc ("DBSVUSA")"), a U.S.-registered broker-dealer, does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. RESTRICTIONS ON DISTRIBUTION General This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Australia This report is not for distribution into Australia. Hong Kong This report is being distributed in Hong Kong by DBS Vickers (Hong Kong) Limited which is licensed and regulated by the Hong Kong Securities and Futures Commission. Indonesia This report is being distributed in Indonesia by PT DBS Vickers Securities Indonesia. Malaysia This report is distributed in Malaysia by HwangDBS Vickers Research Sdn Bhd ("HDBSVR"). Recipients of this report, received from HDBSVR are to contact Mr Wong Ming Tek, Head of Research, HDBSVR at 603-2711 2222 in respect of any matters arising from or in connection with this report. In addition to the General Disclosure/Disclaimer by DBS Bank Ltd, the preparer of this report found at the preceding page, recipients of this report are advised that HDBSVR, its holding company HwangDBS Investment Bank Berhad, their directors, employees and parties related or associated with any of them may have positions in, and may effect transactions in the securities mentioned herein and may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject companies. They may also have received compensation and/or seek to obtain compensation for broking, investment banking/corporate advisory and other services from the subject companies. Singapore This report is distributed in Singapore by DBS Bank Ltd (Company Regn. No. 196800306E), an Exempt Financial Adviser as defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. DBS Bank Ltd may, distribute reports produced by its foreign DBS Vickers entities or affiliates pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, DBS Bank Ltd accepts legal responsibility for the contents of the report to such persons to the extent required by law. Singapore recipients should contact DBS Bank Ltd at +65-63987966 for matters arising from, or in connection with the report. Thailand This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd. Research reports distributed are only intended for institutional clients only and no other person may act upon it. United Kingdom This report is being distributed in the UK by DBS Vickers Securities (UK) Ltd, who is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients. Dubai This research report is being distributed in The Dubai International Financial Centre (“DIFC”) by DBS Bank Ltd., (DIFC Branch) having its office at PO Box 506538, 3rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it. United States Neither this report nor any copy hereof may be taken or distributed into the United States or to any U.S. person except in compliance with any applicable U.S. laws and regulations. Other jurisdictions In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Bank Ltd. 12 Marina Boulevard, Marina Bay Financial Centre Tower 3 Singapore 018982 Tel. 65-6878 8888 Company Regn. No. 196800306E