Regional

Morning Pack

REGIONAL MORNING PACK 20 May 2020

Summary

The Big Picture

DBS Economics & Strategy: Malaysia: Slower growth and fiscal risk

Stock to Watch

China / Hong Kong

HK Exchanges & Clearing: Beneficiary of WVRs and secondary-listed companies’ inclusion in HSI

ZhongSheng Group: Strong earnings offset the CB dilution impact

Malaysia

Hibiscus Petroleum: Remains resilient despite tough economic environment

Sasbadi Holdings: Expect weaker 2HFY20

Sunway REIT: A tale of two halves

Thailand

Dusit Thani Freehold and Leasehold Real Estate Investment Trust: Weighed by pandemic woes

LH Hotel Leasehold Real Estate Investment Trust: Hit by rental waiver, to receive only fixed rents in FY20F

Minor International: Capital call on the horizon

Origin Property PCL: A challenging year

Sansiri: Facing a hard time

Indonesia

Bank Negara Indonesia: Challenging outlook ahead

PT Sarana Menara Nusantara: Outperformance to continue

Refer to important disclosures at the end of each report

Regional

Morning Pack

The Big Pictures

DBS Economics & Strategy

Malaysia: Slower growth and fiscal risk

Irvin Seah / Duncan Tan

Key points

• We have lowered full year growth forecast to -1.6% even though 1Q20 GDP growth was in line with our

expectation

• An outsized stimulus package and low oil prices imply that the Government’s debt limit will likely be reached

• Implication for our forecast – another 25bps rate cut could be on the cards in July

• Implications for investors - the risks are skewed towards steeper bond yield curves and wider bond-swap

spreads

Read more…

Stocks to Watch

China / Hong Kong

HK Exchanges & Clearing (388 HK): BUY

Market Cap: US$41,676m | Average Daily Value: US$172.6m

Last Traded Price: HK$254.80; Price Target: HK$316.0 (Upside 24.0%)

Dennis LAM/Byron LAM

Beneficiary of WVRs and secondary-listed companies’ inclusion in HSI

• WVRs and secondary-listed companies’ inclusion in HSI strengthen Secondary listing theme

• New Greater Bay Area Financial Support Guideline set to strengthen HKEx’s position

• Adjusted FY20/21F earnings down by 10% on declining investment returns

• Maintain BUY with TP at $316

Read more…

ZhongSheng Group (881 HK): BUY

Market Cap: US$11,270m | Average Daily Value: US$20.16m

Last Traded Price: HK$38.45; Price Target: HK$43.60 (Upside 13.4%) (Prev HK$33.00)

Rachel MIU

Strong earnings offset the CB dilution impact

• Strong brand and network coverage to capture release of pent-up demand for high-end cars

• Latest CB issuance to fund medium-term growth

• Maintain BUY; new TP of HK$43.60 based on 14x FY21F earnings to reflect its positive earnings outlook

Read more…

Regional

Morning Pack

Malaysia

Hibiscus Petroleum Berhad (HIBI MK): BUY

Market Cap: US$221m | Average Daily Value: US$11.2m

Last Traded Price: RM0.61; Price Target: RM0.70 (Upside 15.7%)

Jin Wu LOW

Remains resilient despite tough economic environment

• 9MFY20 results within expectations; expect soft 4Q20

• Weaker quarterly results were primarily attributable to lower oil prices, mitigated by lower opex/bbl

• Cost-cutting measures to continue to sustain positive cashflow

• Maintain BUY with SOP-derived target price of RM0.70

Read more…

Sasbadi Holdings Berhad (SASB MK): HOLD

Market Cap: US$12.0m | Average Daily Value: US$0.09m

Last Traded Price: RM0.13; Price Target: RM0.12 (Downside 2.5%) (Prev RM0.17)

King Yoong CHEAH

Expect weaker 2HFY20

• 2QFY20 profit dropped 47% y-o-y due to lower revenue contributions from publishing business and higher

operating expenses

• Implementation of MCO and weak consumer sentiment to weigh on 2HFY20 earnings

• Cut FY20/21/22 net profit forecasts by 44%/24%/9%

• Challenging longer term outlook for print publishing business

Read more…

Sunway REIT (SREIT MK): BUY

Market Cap: US$1,076m | Average Daily Value: US$1.4m

Last Traded Price: RM1.59; Price Target: RM1.95 (Upside 22.6%) (Prev RM2.00)

Siti Ruzanna Mohd Faruk

A tale of two halves

• 3QFY20 earnings in line with expectations; expect lower earnings in 4QFY20

• Retail segment hit by COVID-19 outbreak, having offered rental support during MCO period

• Frequency of income distribution changed to semi-annual basis (from quarterly)

• Maintain BUY with TP RM1.95; yields still decent at 4.8%

Read more…

Regional

Morning Pack

Thailand

Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT TB): BUY

Market Cap: US$47m | Average Daily Value: US$0.03m

Last Traded Price: Bt3.64; Price Target: Bt4.90 (Upside 34.6%)

Thailand Research Team / Nantika WIANGPHOEM

Weighed by pandemic woes

• 1Q20 net investment income of Bt79m impacted by COVID-19

• OR and REVPAR dropped significantly

• Maintain our conservative view and forecast

• Maintain BUY at TP of Bt4.90, offering attractive yield of 8.3% in FY20F and 10% in FY21F

Read more…

LH Hotel Leasehold Real Estate Investment Trust (LHHOTEL TB): HOLD

Market Cap: US$209m | Average Daily Value: US$0.13m

Last Traded Price: Bt12.40; Price Target: Bt13.00 (Upside 4.8%) (Prev Bt17.00)

Thailand Research Team / Nantika WIANGPHOEM

Hit by rental waiver, to receive only fixed rents in FY20F

• 1Q20 net investment income of Bt114m; DPU of Bt0.10 (47% payout) with XD on 29 May

• REVPAR dropped significantly in 1Q20 triggered force majeure clause with rent waiver for Mar

• 8 months of fixed rental income expected in FY20F

• Maintain HOLD at lower TP

Read more…

Minor International (MINT TB): HOLD

Market Cap: US$2,605m | Average Daily Value: US$30.8m

Last Traded Price: Bt18.00; Price Target: Bt19.00 (Upside 5.6%) (Prev Bt24.00)

Nantika WIANGPHOEM

Capital call on the horizon

• Huge core loss in 1Q20 and expect the same in 2Q20 following hotel closures and city lockdown

measures

• Signs of recovery from mid-May 2020 on easing of lockdown but rebound will be slow in the short term

• Announcement of capital call and new issuance of perpetual bonds and MINT Warrant 7

• Maintain HOLD with lower DCF-based TP of Bt19

Read more…

Regional

Morning Pack

Origin Property PCL (ORI TB): HOLD

Market Cap: US$369m | Average Daily Value: US$1.7m

Last Traded Price: Bt4.80; Price Target: Bt5.20 (Upside 8.3%) (Prev Bt5.80)

Thailand Research Team / Thaninee SATIRAREUNGCHAI

A challenging year

• Posted 1Q20 normalised net profit Bt451m (-18% y-o-y and 41% q-o-q)

• Maintaining its 2020 targets, banking on 2H20F improvements

• Cut our FY20F/FY21F earnings by 21%/15%

• Maintain HOLD with lower TP of Bt5.20

Read more…

Sansiri (SIRI TB): FULLY VALUED

Market Cap: US$315m | Average Daily Value: US$1.3m

Last Traded Price: Bt0.71; Price Target: Bt0.53 (Downside 25.4%) (Prev Bt0.82)

Thailand Research Team / Thaninee SATIRAREUNGCHAI

Facing a hard time

• Reported core loss of Bt40m in 1Q20

• 2Q20F performance may improve slightly but the company’s financial position remains weak

• Cut FY20F/FY21F earnings by 36%/13%

• Maintain FULLY VALUED with lower TP of Bt0.53

Read more…

Indonesia

Bank Negara Indonesia (BBNI IJ): HOLD

Market Cap: US$4,444m | Average Daily Value: US$16.9

Last Traded Price: Rp3,520; Price Target: Rp4,000 (Upside 13.6%)

Rui Wen LIM

Challenging outlook ahead

• 1Q20 earnings slightly ahead of expectations

• Downward revision of FY20F guidance amid challenging outlook

• Remain watchful of credit deterioration

• Maintain HOLD and TP of Rp4,000

Read more…

Regional

Morning Pack

PT Sarana Menara Nusantara (TOWR IJ): BUY

Market Cap: US$3,057m | Average Daily Value: US$4.9m

Last Traded Price: Rp890; Price Target: Rp980 (Upside 10.1%) (Prev Rp890)

Sachin MITTAL

Outperformance to continue

• 1Q20 revenue & EBITDA in line with our estimates at 25.2% & 25.5% of our FY20F forecast respectively

• Management raised FY20F EBITDA growth guidance to 14% from 9% previously

• BUY with higher TP of Rp980

Read more…

Regional

Morning Pack

Market Data

Source: DBS Bank, DBS Vickers, Bloomberg Finance L.P.

Key Indices

Closed % chg

as of Vs YTD QTD MTD

Indices 19 May Previous (%) (%) (%)

Asia

SET 1,310 1.8 (17.1) 16.4 SET

KOSPI 1,981 2.2 (9.9) 12.9 KOSPI

Taiex 10,860 1.1 (9.5) 11.9 Taiex

MXFEJ index 586 1.7 (9.6) 9.1 MXFEJ

index Nikkei 225 20,433 1.5 (13.6) 8.0 Nikkei

225 HSCCI Index 3,823 1.6 (15.8) 6.4 HSCCI

Index KLCI 1,424 1.0 (10.4) 5.4 KLCI

Shanghai A 2,899 0.8 (5.0) 5.4 Shang

hai A PCOMP 5,556 1.4 (28.9) 4.4 PCOM

P STI 2,581 1.7 (19.9) 4.0 STI

Hang Seng 24,388 1.9 (13.5) 3.3 Hang

Seng HSCEI Index 9,883 1.6 (11.5) 3.0 HSCEI

Index BSE Sensex 30,196 0.6 (26.8) 2.5 BSE

Sense

x JCI Index 4,549 0.8 (27.8) 0.2 JCI

Index U.S./Others U.S./O

thers Dow Jones 24,207 (1.6) (15.2) 10.4 Dow

Jones S&P 2,923 (1.0) (9.5) 13.1 S&P

NASDAQ 9,185 (0.5) 2.4 19.3 NASD

AQ FTSE 100 6,002 (0.8) (20.4) 5.8 FTSE

100 DAX Index 11,075 0.1 (16.4) 11.5 DAX

Index

Commodity Indicators

Source: Bloomberg Finance L.P., DBS Bank

-11.2%

-18.9%

-10.6%

-15.5%

-13.3%

15.0%

-25.5%

-12.2%-19.2%

21.7%

-9.9%

-34.7%

-29.3%

-49.7%

-20.9%

-60% -30% 0% 30%

Nickel Spot

Coal Spot

Tin

Steel (weekly)

Copper

Gold Spot

Soybean Oil Spot

Soybean Spot

Sugar #11

Rice

Wheat Spot

TSL Crude Palm Oil

Palm Oil Spot (FOB Msia)

Crude Oil Brent Spot

Corn Spot

YTD % chng

122%

0% 20% 40% 60% 80% 100% 120% 140%

CBOE SPX Volatility

YTD % chng

Earnings Gth (%) PE (x)

20F 21F 20F 21F

Singapore -17.3 18.0 14.6 12.3

HK HSI (13.9) 16.3 11.3 9.7

HK HSCCI (Red) (11.0) 16.8 9.6 8.2

HK HSCEI (H) (9.0) 12.1 8.6 7.6

CSI300 12.0 14.8 12.5 10.9

SH Comp 32.0 (12.9) 10.3 11.8

SZ Comp 117.4 16.9 19.6 16.8

Thailand -23.5 15.1 19.1 16.6

Indonesia -8.5 7.0 12.9 12.1

Commodities Latest Closing Previous

Closing

Nickel Spot USD/mt 12,387 12,179

Coal Spot USD/mt 53 52

Tin USD/mt 15,360 15,282

Steel (weekly) RMB/mt 410 400

Copper USD/lb 5,355 5,318

Gold Spot USD/t. oz 1,745 1,745

Soybean Oil Spot USD/pound 26 26

Soybean Spot USD/bushel 8 8

Sugar #11 USD/lb 11 11

Rice USD/cwt 16 16

Wheat Spot USD/bushel 5 5

TSL Crude Palm Oil USD/mt 533 525

Palm Oil Spot (FOB

Msia)

RM/mt 2,141 2,084

Crude Oil Brent Spot USD/barrel 33 34

Corn Spot USD/bushel 3 3

Credit Spreads

CBOE SPX Volatility 31 29

Regional

Morning Pack

Regional Equity Picks

Blue Chips (Provides steady growth over a longer time period)

Company Exch Sector

Price

19 May 20

(LCY)

12-mth

Target

Price

(LCY)

Total

Return

(%)

%

Chg

-1w

% Chg

since

Entry

Date

Date of

Entry

to List

Mcap

US$m

3mths Avg

Daily T/O

US$m

CapitaLand CAPL SP SP Real Estate 2.94 4.50 53 0.7 -21.6 2-Jan-20 10,482 26.8

Thai Beverage Public

Company THBEV SP SP Consumer Staples 0.660 0.90 36 (3.6) -15.9 17-Feb-20 11,697 10.5

HK Ex & Clearing 388 HK HK Financial 265.20 316.00 19 5.4 5.6 6-Nov-19 43,380 173.3

WH Group 288 HK HK Consumer Staples 6.80 9.62 42 (4.8) -6.7 3-Apr-20 12,922 48.2

RHB Bank RHBBANK MK MK Financial 4.75 6.25 32 3.3 -16.7 1-Apr-19 4,375 5.9

Advanced Info

Service ADVANC TB TB Communication Services 189.50 211.00 11 (0.5) 9.9 17-Mar-20 17,646 65.3

Charoen Pokphand

Foods CPF TB TB Consumer Staples 29.00 41.00 41 1.8 8.4 17-Apr-20 7,818 37.3

AKR Corporindo AKRA IJ IJ Industrials 2,280.0 3,200 40 (7.3) -26.9 13-Feb-20 620 2.2

Deletion CP All (CPALL)

Dividend (Provides steady income stream)

Company Exch Sector

Price

19 May 20

(LCY)

12-mth

Target

Price

(LCY)

Total

Return

(%)

%

Chg

-1w

% Chg

since

Entry

Date

Date of

Entry

to List

Mcap

US$m

3mths Avg

Daily T/O

US$m

CapitaLand Retail

China Trust CRCT SP SP REITs 1.310 1.55 18 (0.8) -7.1 3-Mar-20 1,130 4.6

LendLease Global

Commercial REIT LREIT SP SP REITs 0.575 0.85 49 0.0 0.9 28-Apr-20 475 3.0

Sasseur REIT SASSR SP SP REITs 0.735 0.80 9 2.8 18.5 14-Apr-20 622 2.1

China Telecom 728 HK HK Communication Services 2.510 3.90 55 (1.2) 6.8 3-Apr-20 26,209 28.1

HKT Trust 6823 HK HK Communication Services 11.980 15.10 26 (1.2) 13.4 3-Apr-20 11,709 20.5

Link REIT 823 HK HK REITs 69.100 76.00 10 2.3 -14.8 6-Jan-20 18,347 77.2

Magnum MAG MK MK Consumer Discretionary 2.240 3.05 36 (1.8) 1.8 4-May-20 732 0.7

AIM Industrial

Growth Freehold

and Leasehold AIMIRT TB TB REITs 12.700 14.60 15 6.7 4.1 22-Apr-19 170 0.1

Digital Telecom

Infrastructure Fund DIF TB TB Communication Services 16.200 18.80 16 2.5 -8.0 16-Aug-19 5,394 8.0

Hemaraj Leasehold

REIT HREIT TB TB Real Estate 8.100 9.50 17 1.9 12.5 20-Mar-20 178 0.1

Adaro Energy ADRO IJ IJ Energy 1,005 1,400 39 0.0 14.9 24-Apr-20 2,176 4.0

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Morning Pack

Growth (Provides capital growth over 12 months)

Company Exch Sector

Price

19 May 20

(LCY)

12-mth

Target

Price

(LCY)

Total

Return

(%)

%

Chg

-1w

% Chg

since

Entry

Date

Date of

Entry

to List

Mcap

US$m

3mths Avg

Daily T/O

US$m

CapitaLand CAPL SP SP Real Estate 2.940 4.50 53 0.7 -21.6 2-Jan-20 10,482 26.8

Alibaba Group 9988 HK HK Consumer Discretionary 209.800 306.00 46 5.1 -0.6 6-Jan-20 580,931 580.3

China Education Group 839 HK HK Consumer Discretionary 14.060 14.50 3 3.5 24.2 6-Mar-20 3,665 5.5

China Railway Construction

Corp 1186 HK HK Industrials 7.790 12.50 60 (2.6) -13.6 6-Jan-20 13,648 15.1

China Resources Beer 291 HK HK Consumer Staples 40.950 49.52 21 4.6 21.7 3-Apr-20 17,140 46.2

China Tower 788 HK HK Communication Services 1.610 2.70 68 (4.7) 1.3 6-Dec-19 36,561 124.8

Nissin Food 1475 HK HK Consumer Staples 6.540 6.90 6 (1.9) -2.4 6-May-20 906 2.9

Shimao Property 813 HK HK Real Estate 32.700 30.03 -8 4.5 7.9 6-May-20 14,925 37.1

OCK Group OCK MK MK Communication Services 0.530 0.75 42 2.9 -10.9 20-Jan-20 117 0.3

Sunway Bhd SWB MK MK Real Estate 1.590 2.30 45 1.3 -9.7 13-Dec-19 1,790 1.6

Chularat Hospital CHG TB TB Health Care 2.500 2.80 12 4.2 -3.8 19-Nov-19 861 2.5

London Sumatra LSIP IJ IJ Consumer Staples 725 1,180 63 (6.5) 17.9 24-Apr-20 333 0.9

Source: Bloomberg Finance L.P., DBS Bank, DBS Vickers

Refer to important disclosures at the end of this report

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Morning Pack

DBS Bank Ltd recommendations are based on an Absolute Total Return* Rating system, defined as follows:

STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)

BUY (>15% total return over the next 12 months for small caps, >10% for large caps)

HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)

FULLY VALUED (negative total return, i.e., > -10% over the next 12 months)

SELL (negative total return of > -20% over the next 3 months, with identifiable share price catalysts within this time frame)

*Share price appreciation + dividends

Completed Date: 20 May 2020 07:23:33 (SGT)

Dissemination Date: 20 May 2020 09:01:20 (SGT)

Sources for all charts and tables are DBS Bank unless otherwise specified

GENERAL DISCLOSURE/DISCLAIMER

This report is prepared by DBS Bank. This report is solely intended for the clients of DBS Bank Ltd, its respective connected and associated

corporations and affiliates 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.

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 respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents

(collectively, the “DBS Group”) have not conducted due diligence on any of the companies, verified any information or sources or taken into

account any other factors which we may consider to be relevant or appropriate in preparing the research. Accordingly, we do not make any

representation or warranty as to the accuracy, completeness or correctness of the research set out in this report. Opinions expressed are

subject to change without notice. This research 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, it may not contain all material information concerning the company (or companies) referred to in this report and the DBS Group is

under no obligation to update the information in this report.

This publication has not been reviewed or authorized by any regulatory authority in Singapore, Hong Kong or elsewhere. There is no planned

schedule or frequency for updating research publication relating to any issuer.

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.

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Morning Pack

Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.

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.

DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public

offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not

engage in market-making.

ANALYST CERTIFICATION

The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the

companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her

compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst

(s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate 0F

1 does not serve as an officer

of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of

the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for

the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report

or his associate does not have financial interests 1F

2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has

procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of

research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment

banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment

banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of

the DBS Group.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Bank Ltd, DBS HK, DBS Vickers Securities (Singapore) Pte Ltd (“DBSVS”) or their subsidiaries and/or other affiliates have proprietary

positions in CapitaLand, Thai Beverage Public Company, HK Exchanges & Clearing, WH Group, Advanced Info, Charoen Pokphand Foods,

CP ALL, CapitaLand Retail China Trust, Sasseur REIT, China Telecom, HKT Trust, Link REIT, Adaro Energy, Alibaba Group Holding Ltd, China

Railway Construction, China Resources Beer, China Tower Corp Ltd, Shimao Property, recommended in this report as of 30 Apr 2020.

2. Neither DBS Bank Ltd nor DBS HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report.

3. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates have a net long position exceeding 0.5% of the total issued share

capital in CapitaLand Retail China Trust, Sasseur REIT, China Telecom, recommended in this report as of 30 Apr 2020.

4. DBS Bank Ltd, DBS HK, DBSVS, DBSVUSA, their subsidiaries and/or other affiliates beneficially own a total of 1% of any class of common

securities of Sasseur REIT, as of 30 Apr 2020.

1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of

which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person

accustomed or obliged to act in accordance with the directions or instructions of the analyst.

2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or

a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This

term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or

new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.

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Morning Pack

Compensation for investment banking services:

5. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have received compensation, within the past 12

months for investment banking services from CapitaLand, CapitaLand Retail China Trust, LendLease Global Commercial REIT , Adaro Energy,

Alibaba Group Holding Ltd, China Railway Construction, as of 30 Apr 2020.

6. DBS Bank Ltd, DBS HK, DBSVS, their subsidiaries and/or other affiliates of DBSVUSA have managed or co-managed a public offering of

securities for CapitaLand, CapitaLand Retail China Trust, LendLease Global Commercial REIT , Adaro Energy, Alibaba Group Holding Ltd.

China Railway Construction, in the past 12 months, as of 30 Apr 2020.

7. DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a

manager or co-manager or in any other investment banking transaction 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.

Directorship/trustee interests:

8. Anthony LIM Weng Kin, a member of DBS Group Holdings Board of Directors, is a Director of CapitaLand as of 01 Apr 2020.

Disclosure of previous investment recommendation produced:

9. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates may have published other

investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12

months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by

DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates in the preceding 12 months.

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 being distributed in Australia by DBS Bank Ltd, DBSVS or DBSV HK. DBS Bank Ltd holds Australian Financial

Services Licence no. 475946.

DBSVS and DBSV HK are exempted from the requirement to hold an Australian Financial Services Licence under the

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Distribution of this report is intended only for “wholesale investors” within the meaning of the CA.

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(Chapter 571 of the Laws of Hong Kong). This report is being distributed in Hong Kong and is attributable to DBS Bank

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on the regulated activity of advising on securities pursuant to the Securities and Futures Ordinance (Chapter 571 of the

Laws of Hong Kong). DBS Bank Ltd., Hong Kong Branch is a limited liability company incorporated in Singapore.

For any query regarding the materials herein, please contact Carol Wu (Reg No. 8283) at dbsvhk@dbs.com

Indonesia This report is being distributed in Indonesia by PT DBS Vickers Sekuritas Indonesia.

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may also perform or seek to perform broking, investment banking/corporate advisory and other services for the subject

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banking/corporate advisory and other services from the subject companies.

Wong Ming Tek, Executive Director, ADBSR

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arising from, or in connection with the report.

Thailand This report is being distributed in Thailand by DBS Vickers Securities (Thailand) Co Ltd.

United

Kingdom

This report is produced by DBS Bank Ltd which is regulated by the Monetary Authority of Singapore.

This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd, ("DBSVUK"). DBSVUK is authorised

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In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, its respective connected and

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Dubai

International

Financial

Centre

This research report is being distributed by DBS Bank Ltd., (DIFC Branch) having its office at units 608 - 610, 6th Floor,

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DFSA rulebook) and no other person may act upon it.

United Arab

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This report is provided by DBS Bank Ltd (Company Regn. No. 196800306E) which is an Exempt Financial Adviser as

defined in the Financial Advisers Act and regulated by the Monetary Authority of Singapore. This report is for information

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buy or sell any financial product. It does not constitute a personal recommendation or take into account the particular

investment objectives, financial situation, or needs of individual clients. You should contact your relationship manager or

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that the information in this report may be out of date and it is not represented or warranted to be accurate, timely or

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United States This report was prepared by DBS Bank Ltd. DBSVUSA did not participate in its preparation. The research analyst(s)

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Other

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professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

DBS Regional Research Offices

HONG KONG

DBS (Hong Kong) Ltd

Contact: Carol Wu

13th Floor One Island East,

18 Westlands Road,

Quarry Bay, Hong Kong

Tel: 852 3668 4181

Fax: 852 2521 1812

e-mail: dbsvhk@dbs.com

MALAYSIA

AllianceDBS Research Sdn Bhd

Contact: Wong Ming Tek (128540 U)

19th Floor, Menara Multi-Purpose,

Capital Square,

8 Jalan Munshi Abdullah 50100

Kuala Lumpur, Malaysia.

Tel.: 603 2604 3333

Fax: 603 2604 3921

e-mail: general@alliancedbs.com

SINGAPORE

DBS Bank Ltd

Contact: Janice Chua

12 Marina Boulevard,

Marina Bay Financial Centre Tower 3

Singapore 018982

Tel: 65 6878 8888

Fax: 65 65353 418

e-mail: equityresearch@dbs.com

Company Regn. No. 196800306E

INDONESIA

PT DBS Vickers Sekuritas (Indonesia)

Contact: Maynard Priajaya Arif

DBS Bank Tower

Ciputra World 1, 32/F

Jl. Prof. Dr. Satrio Kav. 3-5

Jakarta 12940, Indonesia

Tel: 62 21 3003 4900

Fax: 6221 3003 4943

e-mail: indonesiaresearch@dbs.com

THAILAND

DBS Vickers Securities (Thailand) Co Ltd

Contact: Chanpen Sirithanarattanakul

989 Siam Piwat Tower Building,

9th, 14th-15th Floor

Rama 1 Road, Pathumwan,

Bangkok Thailand 10330

Tel. 66 2 857 7831

Fax: 66 2 658 1269

e-mail: research@th.dbs.com

Company Regn. No 0105539127012

Securities and Exchange Commission,

Thailand