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Kim Eng Research is a subsidiary of Malayan Banking Berhad

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Company Update  3 January 2012

Singapore Co. Reg No: 198700034E

MICA (P) : 090/11/2009 

Tuan Sing Holdings A pause on the path

Downgrade to Hold.  Tuan Sing Holdings’ (TSH) share price hasunderperformed the Straits Times Index in the past six months and maycontinue to reel from the impact of the new Additional Buyer’s StampDuty (ABSD) imposed on private residential property purchase. Theuncertain office rental market has also weakened the possibility of redeveloping its old office buildings, once viewed as a positive catalyst.We cut our target price from $0.48 to $0.245. Downgrade to Hold.

Property sales may slow down.  TSH has two residential projects atCluny Park and Seletar that are due to be launched in the new year.Property development is estimated to account for 53-73% of its pre-taxprofit for FY11F-12F. Faced with the ABSD, which will crimp demandfrom foreigners and permanent residents/Singaporeans who are notfirst-time home buyers, TSH may have to dangle incentives to lurebuyers – a move that could lead to pressure on margins.

Office redevelopment to take a backseat. Prime office rents look setto retreat this year amid the lingering Eurozone debt crisis andsubstantial new office supply. In 4Q11, occupancy rate fell 7.6ppt YoYto 89.1%. The negative outlook for Singapore office rents could onceagain delay the redevelopment of TSH’s office properties.

Coal trading business faces risks. TSH owns an 80.2% stake in SPCorporation, a tyre/auto product and commodities trading company.While coal trading volume is expected to have improved in 4Q11, thesupply-side issues may still pose a risk to group earnings in FY12F. Inaddition, the challenging operating conditions could hamper potentialacquisitions of coal mining assets in Indonesia.

Trading at steep discount but… The stock is trading at a steep 47%discount to its book value. However, the gloomy outlook for the broadermarket prompts us to downgrade our rating from Buy to Hold. OurSOTP-based target price is cut to $0.245 as we remove the incrementalvalue from redevelopment and ascribe a discount to book value of 50%,in line with sector average.

Tuan Sing Holdings– Summary Earnings TableFYE Dec (S$ m) 2009A 2010A 2011F 2012F 2013FRevenue 220.2 274.0 221.2 276.5 496.9EBITDA 49.2 48.2 32.8 48.9 88.1

Recurring Net Profit 47.8 73.0 23.7 36.8 70.0Recurring Basic EPS (S cts) 4.2 6.4 2.1 3.2 6.1EPS Growth (%) 1679.8 51.3 -67.6 55.6 90.1

DPS (S cts) 0.3 0.4 0.4 0.4 0.4

PER (x) 6.2 4.1 12.6 8.1 4.3

EV/EBITDA (x) 10.8 6.5 15.4 8.7 3.5Div Yield (%) 1.2 1.5 1.5 1.5 1.5P/BV(x) 0.6 0.5 0.5 0.5 0.4

Net Gearing (%) 45.2 0.5 32.1 17.5 -0.8ROE (%) 9.7 12.9 4.0 5.8 9.9ROA (%) 5.2 7.3 2.5 4.0 6.7Consensus Net Profit (S$ m) NA NA NA NA NA

Source: Company data, Kim Eng estimates

Hold (from Buy) 

Share price: S$0.26Target price: S$0.245(reduced) 

 Anni KUMannikum@kimeng.com(65) 6432 1470

Stock Information

Description: Investment holding company with diverseinterests spanning property development and investment,hotel investment, industrial services and production of printedcircuit boards.

Ticker: TSH SPShares Issued (m): 1,154.3Market Cap (US$ m): 231.43-mth Avg Daily Volume (m): 3.8ST Index: 2,646.35Free float (%): 54.4

Major Shareholders: %Nursalim family 45.6

Key Indicators 

ROE annualised (%) 3.5Net gearing (%): 32.1NTA/shr (S$): 0.49Interest cover (x): 6.1

Historical Chart

Performance: 

52-week High/Low S$0.42/S$0.24

1-mth 3-mth 6-mth 1-yr YTD Absolute (%) -3.7 4.0 -25.7 -33.3 0.0

Relative (%) 0.9 5.1 -11.9 -19.6 0.0

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Tuan Sing Holdings Limited

 

Figure 1: Singapore residential property development pipeline 

Take-up rate (%)

Future launches Location

Forecastproject ASP

(S$psf ) 2011 2012 2013 2014

Effectivegroup

interest (%)

Projectrevenue(S$m)

Breakeven cost(S$psf)

Singapore

Serene House Cluny Park Road 2,200.0 15.0 35.0 50.0 100.0 181.2 1,962.2

Seletar Road Seletar Road 1,000.0 30.0 50.0 20.0 100.0 300.0 795.1

Mont Timah Hindhede Drive 1,000.0 25.0 20.0 20.0 20.0 70.0 91.8 771.2

Upper Serangoon Upper Serangoon/Pheng Geck Ave 1,200.0 5.0 50.0 45.0 100.0 391.7 1,016.7

Source: Kim Eng 

Figure 2: Singapore small cap property players’ pri ce-to-book 

Name Price ($) P/B (x)

SC Global Developments Ltd 0.98 0.6

Ho Bee Investment Ltd 1.03 0.4

Sim Lian Group Ltd 0.47 0.7

Wing Tai Holdings Ltd 0.96 0.4

 Average 0.5

Source: Bloomberg 

Figure 3: Singapore office property redevelopment scenario 

Base Case Bear Case Bull CaseCurrent NLA (sq ft) Redeveloped NLA (sq ft) Redeveloped NLA (sq ft) Redeveloped NLA (sq ft)

Robinson Towers86,724.74 132,977.94 132,977.94 132,977.94

International Factors Building 48,179.22 73,874.80 73,874.80 73,874.80

Back lane to Robinson Towers 839.58 11,586.26 11,586.26 11,586.26

134,903.96 218,439.00 218,439.00 218,439.00

Market rental rate (S$psf pm) 6.8 9.2 7.5 11.5

Gross rent (S$m) 11.01 23.98 19.66 30.14

Net property income (S$m) 8.48 18.47 15.14 23.21

Valuation (S$m) 162.87 465.19 336.40 584.67

- Per NLA (S$) 1,207.29 2,129.62 1,540.00 2,676.57

Estimated GFA (sq ft) 150,732.87 242,710.00 242,710.00 242,710.00

Construction cost including development charge (S$m) 137.08 149.22 132.23

Incremental NAV (S$m) 165.24 24.31 289.57

- Per share (S$) 0.14 0.02 0.25

Probability 50% 30% 20%

Probability w eighted incremental NAV (S$m) 147.83

- Per share (S$) 0.13

Source: Kim Eng 

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Figure 4: Sum-of-the-parts valuation

Valuation

Investment Properties S$m S$ per share

Robinson Towers + adjacent land 103.2

International Factors Building 64.0

The Oxley 42.2

Century Warehouse 11.4

220.8

Less: Book value 304.8

Surplus from investment properties (84.0) (0.07)

Surplus from property developments 119.4 0.10

Surplus from listed and other investments 16.5 0.01 SP Corp, GulTech and GHG

Book value (as at 4Q10) 564.4 0.49

SOTP 616.3 0.54

 Ascribed discount to book value of $0.49 50%

Fair value/Target pri ce 0.245

Source: Kim Eng 

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PROFIT AND LOSS CASH FLOW

FYE Dec (S$ m) 2009 2010 2011F 2012F 2013F FYE Dec (S$ m) 2009 2010 2011F 2012F 2013F

Sales 220.2 274.0 221.2 276.5 496.9 Operating cash flow 93.4 -20.4 -179.9 93.7 131.6

Cost of goods sold -167.6 -223.9 -184.8 -222.6 -398.9 Pretax profit 45.9 77.9 30.1 44.4 84.4

Gross profit 52.6 50.1 36.4 54.0 98.0 Op cashflow b/f wc changes 35.7 37.9 44.3 61.5 100.8Other Income 5.4 2.2 2.3 2.4 2.6 Change in working capital 62.8 -47.4 -221.2 38.2 44.1

Distribution costs -5.5 -4.0 -4.4 -5.5 -9.9 Interest received 0.9 2.3 2.1 1.5 1.0

 Administrative expenses -10.8 -9.2 -9.6 -10.1 -10.6 Income tax paid -6.1 -13.2 -5.1 -7.5 -14.3

Other operating expenses -3.9 -2.1 -2.2 -2.4 -2.5 Investment cash flow -12.0 248.1 -2.3 -2.4 -2.5

Share of associates' profits 9.5 9.8 10.4 10.5 10.6 Net capex 6.6 -1.5 -1.6 -1.7 -1.8

Finance income 1.0 3.0 2.1 1.5 1.0 Net additions to invt prop -33.6 245.2 -0.7 -0.7 -0.8

Finance costs -8.5 -5.1 -4.8 -6.0 -4.7 Change in other assets 15.0 4.5 0.0 0.0 0.0

Profit b/f tax & exceptionals 39.9 44.7 30.1 44.4 84.4 Financing cash flow -9.3 -124.7 84.9 -110.6 -9.3Exceptional items 11.1 38.3 0.0 0.0 0.0 Change in share capital 0.0 0.0 0.0 0.0 0.0Profit before tax 51.0 83.0 30.1 44.4 84.4 Net change in debt 2.2 -116.8 94.3 -100.0 0.0Income tax write-back / (exp) -2.9 -9.5 -5.1 -7.5 -14.3 Div paid to s/holders -0.2 -1.6 -4.6 -4.6 -4.6Profit from continuing ops 48.1 73.5 25.0 36.8 70.0 Change in other LT liab. -11.3 -6.3 -4.8 -6.0 -4.7Loss from discontinued ops -5.3 -5.0 0.0 0.0 0.0 Net cash flow 72.0 103.0 -97.3 -19.3 119.8

Profit for the year  42.8 68.5 25.0 36.8 70.0 Free cash flow 81.3 227.7 -182.2 91.3 129.1Minority interests 1.9 -0.2 -1.3 0.0 0.0Net profit to shareholders 47.8 73.0 23.7 36.8 70.0

EBITDA 49.2 48.2 32.8 48.9 88.1

EPS after exceptionals (S cts) 4.2 6.4 2.1 3.2 6.1

BALA NCE SHEET KEY RATIOS

FYE Dec (S$ m) 2009 2010 2011F 2012F 2013F FYE Dec 2009 2010 2011F 2012F 2013F

Total assets 928.6 994.9 965.9 911.2 1,045.2 Growth (% YoY)

Current assets 502.1 508.1 479.2 424.5 558.5 Sales -9.1 24.5 -19.3 25.0 79.7

Cash & ST investment 93.9 191.9 94.6 75.3 195.1 Operating profit 178.9 12.1 -32.7 47.5 90.1

Trade & other debtors 55.0 70.9 49.1 61.4 110.4 EBITDA 116.0 -2.0 -31.8 48.9 80.1

Inventories 17.2 4.4 7.4 8.9 16.0 Net profit 1679.8 52.5 -67.6 55.6 90.1

Development prop 90.7 240.9 328.0 278.8 237.0 EPS 1679.8 51.3 -67.6 55.6 90.1

 Assets held for sale 245.3 0.0 0.0 0.0 0.0 Profitability (%)

Non-curren t assets 426.5 486.7 486.7 486.7 486.7 Gross margin 23.9 18.3 16.4 19.5 19.7

Net fixed assets 12.3 5.9 5.9 5.9 5.9 Operating margin 18.1 16.3 13.6 16.1 17.0

Investment prop 261.7 304.8 304.8 304.8 304.8 EBITDA margin 22.3 17.6 14.9 17.7 17.7

Investment in assoc 152.5 175.6 175.6 175.6 175.6 Net margin 21.7 26.6 10.7 13.3 14.1

Others 0.0 0.3 0.3 0.3 0.3 ROA 5.2 7.3 2.5 4.0 6.7

Total liabili ties 426.4 418.6 360.1 262.9 321.2 ROE 9.7 12.9 4.0 5.8 9.9

Current liabilities 266.6 261.8 109.0 111.8 170.2 Stability

Trade & other creditors 82.7 205.6 52.8 55.6 114.0 Gross debt(cash)/equity (%) 63.9 33.8 47.7 29.2 26.1

ST borrowings 175.6 52.6 52.6 52.6 52.6 Net debt(cash)/equity (%) 45.2 0.5 32.1 17.5 -0.8

Others 8.2 3.6 3.6 3.6 3.6 Int. coverage (x) 5.6 9.3 6.8 8.2 18.6

Long-term liabilities 159.8 156.8 251.1 151.1 151.1 Current ratio (x) 1.9 1.9 4.4 3.8 3.3

LT borrowings 145.4 142.1 236.5 136.5 136.5 Net debt/(cash) (S$ m) 227.1 2.8 194.4 113.7 -6.1Others 14.4 14.6 14.6 14.6 14.6 Per share data (S$)

Sharehold er's equity 492.3 564.4 592.6 634.1 708.7 EPS 4.2 6.4 2.1 3.2 6.1

Share capital 158.2 160.0 160.0 160.0 160.0 CFPS 8.2 -1.8 -15.7 8.2 11.5

Reserve 334.1 404.4 432.6 474.1 548.7 BVPS 43.3 49.2 51.7 55.3 61.8

Minori ty interest s 9.9 11.9 13.2 14.2 15.3 SPS 19.4 23.9 19.3 24.1 43.3

EBITDA/share 4.3 4.2 2.9 4.3 7.7

DPS 0.3 0.4 0.4 0.4 0.4

Source: Company, Kim Eng

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Tuan Sing Holdings Limited

ANALYSTS’ COVERAGE / RESEARCH OFFICES 

MALAYSIAWONG Chew Hann, CA Head of Research (603) 2297 8686 wchewh@maybank-ib.com Strategy Construction & InfrastructureDesmond CH’NG, ACA

(603) 2297 8680 desmond.chng@maybank-ib.com Banking - Regional LIAW Thong Jung(603) 2297 8688 tjliaw@maybank-ib.com Oil & Gas Automotive ShippingONG Chee Ting(603) 2297 8678 ct.ong@maybank-ib.com PlantationsMohshin AZIZ (603) 2297 8692 mohshin.aziz@maybank-ib.com Aviation Petrochem PowerYIN Shao Yang, CPA(603) 2297 8916 samuel.y@maybank-ib.com Gaming – Regional Media  Power

WONG Wei Sum(603) 2297 8679 weisum@maybank-ib.com Property & REITsLEE Yen Ling(603) 2297 8691 lee.yl@maybank-ib.com Building Materials Manufacturing TechnologyFarouq Azizul M AHMUD (603) 2297 8687 farouq@maybank-ib.com Automotive

LEE Cheng Hooi Head of Retail chenghooi.lee@maybank-ib.com Technicals

HONG KONG / CHINAEdward FUNG Head of Research (852) 2268 0632 edwardfung@kimeng.com.hk Construction

Ivan CHEUNG (852) 2268 0634 ivancheung@kimeng.com.hk Property IndustrialIvan LI (852) 2268 0641 ivanli@kimeng.com.hk Banking & FinanceJacqueline KO (852) 2268 0633 jacquelineko@kimeng.com.hk Consumer Staples

 And y POON (852) 2268 0645 andypoon@kimeng.com.hk Telecom & related servicesSamantha KWONG (852) 2268 0640 samanthakwong@kimeng.com.hk Consumer Discretionaries

 Alex YEUNG (852) 2268 0636 alexyeung@kimeng.com.hk Industrial

INDIAJigar SHAH Head of Research (91) 22 6623 2601 jigar@kimeng.co.in Oil & Gas Automobile Cement

 Anu bhav GUPTA (91) 22 6623 2605 anubhav@kimeng.co.in Metal & Mining Capital goods PropertyHaripreet B ATRA (91) 226623 2606 haripreet@kimeng.co.in Software MediaGanesh R AM (91) 226623 2607 ganeshram@kimeng.co.in Telecom Contractor 

SINGAPOREStephanie WONG Head of Research (65) 6432 1451 swong@kimeng.com Strategy Small & Mid CapsGregory Y AP 

(65) 6432 1450 gyap@kimeng.com Conglomerates Technology & Manufacturing Telcos - Regional Rohan SUPPIAH (65) 6432 1455 rohan@kimeng.com Airlines Marine & OffshoreWilson LIEW (65) 6432 1454 wilsonliew@kimeng.com Hotel & Resort Property & Construction

 Ann i KUM (65) 6432 1470 annikum@kimeng.com Conglomerates REITsJames KOH (65) 6432 1431 jameskoh@kimeng.com Finance Logistics

ResourcesEric ONG (65) 6432 1857 ericong@kimeng.com Marine & Offshore Transportation EnergyOOI Yi Tung(65) 6433 5712 ooiyitung@kimeng.com Property & ConstructionYEAK Chee Keong, CFA(65) 6433 5730 yeakcheekeong@kimeng.com Retail & Consumer Engineering Infrastructure

 Ali son FOK (65) 6433 5745 alisonfok@kimeng.com Services

INDONESIAKatarina SETIAWAN Head of Research 

(62) 21 2557 1125 ksetiawan@kimeng.co.id Consumer Strategy TelcosRahmi M ARINA (62) 21 2557 1128 rmarina@kimeng.co.id Banking MultifinanceLucky ARIESANDI, CFA(62) 21 2557 1127 lariesandi@kimeng.co.id Base metals Coal Heavy Equipment Oil & gas

 Adi N. WICAKSONO (62) 21 2557 1130 anwicaksono@kimeng.co.id Generalist

 Arwani PRANADJAYA (62) 21 2557 1129 apranadjaya@kimeng.co.id Technicals

THAILANDMayuree CHOWVIKRAN Head of Research (66)-2658-6300 ext 1440 mayuree.c@kimeng.co.th StrategySuttatip PEERASUB (66)-2658-6300 ext 1430 suttatip.p@kimeng.co.th Media CommerceSutthichai KUMWORACHAI (66)-2658-6300 ext 1400 sutthichai.k@kimeng.co.th Energy PetrochemTermporn T ANTIVIVAT (66)-2658-6300 ext 1520 termporn.t@kimeng.co.th PropertyWoraphon WIROONSRI (66)-2658-6300 ext 1560 woraphon.w@kimeng.co.th BankJaroonpan W ATTANAWONG (66)-2658-6300 ext 1404 jaroonpan.w@kimeng.co.th Transportation Small cap.

PHILIPPINESLuz LORENZO Head of Research +63 2 849 8836 luz_lorenzo@atr.com.ph StrategyLaura DY-LIACCO (63) 2 849 8840 laura_dyliacco@atr.com.ph

Utilities Conglomerates TelcosLovell S ARREAL (63) 2 849 8841 lovell_sarreal@atr.com.ph Consumer Media Cement MiningKenneth NERECINA (63) 2 849 8839 kenneth_nerecina@atr.com.ph Conglomerates Property Ports/ LogisticsKatherine T AN (63) 2 849 8843 kat_tan@atr.com.ph Banks Construction

VIETNAM

Michael Kokalari, CFA Head of Research (84) 838 38 66 36 x 116michael.kokalari@kimeng.com.vn StrategyNguyen Thi Ngan Tuyen(84) 838386636 x163 tuyen.nguyen@kimeng.com.vn Conglomerates Confectionary and Beverage Oil and GasNgo Bich Van(84) 838 38 66 36 x 171 van.ngo@kimeng.com.vn Banking InsuranceNguyen Quang Duy(84) 838386636 x162 duy.nguyenquang@kimeng.com.vn Industrial PropertyTrinh Thi Ngoc Diep(84) 422 21 22 08 x 102 diep.trinh@kimeng.com.vn Property & Construction PowerDang Thi Kim Thoa(84) 838 38 66 36 x 164 thoa.dang@kimeng.com.vn Consumer ServicesHoang Nam Phu(84) 838 38 66 36 x 171 phu.hoang@kimeng.com.vn Technology & Telecom Transport ResourcesTruong Quang Binh(84) 838386636 x169 quangbinh.truong@kimeng.com.vn Pharmaceutical Plantation & Fishery

ECONOMICSSuhaimi ILIAS Chief Economist(603) 2297 8682 suhaimi_ilias@maybank-ib.com

Luz LORENZO Economist (63) 2 849 8836 luz_lorenzo@atr.com.ph Philippines Indonesia

REGIONALONG Seng Yeow(65) 6432 1832 ongsengyeow@kimeng.com Regional Products & P lanning

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Tuan Sing Holdings Limited

  APPENDIX 1

Definiti on of Ratings

Kim Eng Research uses the following rating system:

BUY Total return is expected to be above 10% in the next 12 months

HOLD Total return is expected to be between -5% to 10% in the next 12 months

SELL Total return is expected to be below -5% in the next 12 months

 Appl icabi li ty of Ratings

 The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are

only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not

carry investment ratings as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear):

Adex =Advertising Expenditure FCF =Free Cashflow PE =Price EarningsBV =Book Value FV =Fair Value PEG =PE Ratio To GrowthCAGR =Compounded Annual Growth Rate FY =Financial Year PER =PE RatioCapex =Capital Expenditure FYE =Financial Year End QoQ =Quarter-On-QuarterCY =Calendar Year MoM =Month-On-Month ROA =Return On AssetDCF =Discounted Cashflow NAV =Net Asset Value ROE =Return On EquityDPS =Dividend Per Share NTA =Net Tangible Asset ROSF =Return On Shareholders’ FundsEBIT =Earnings Before Interest And Tax P =Price WACC =Weighted Average Cost Of CapitalEBITDA =EBIT, Depreciation And Amortisation P.A. =Per Annum YoY =Year-On-YearEPS =Earnings Per Share PAT =Profit After Tax YTD =Year-To-DateEV =Enterprise Value PBT =Profit Before Tax

 APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS

 This report, and any electronic access to it, is restricted to and intended only for clients of Kim Eng Research Pte. Ltd. ("KER") or a related entity to KER (as thecase may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act (“SFA”) and the Singapore Financial Advisers Act(“FAA”)) and who are allowed access thereto (each an "Authorised Person") and is subject to the terms and disclaimers below.

IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW, YOU SHOULD

DISREGARD THIS REPORT IN ITS ENTIRETY AND LET KER OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO LONGER WISH TORECEIVE SUCH REPORTS.

 This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investmentadvice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial products. Theinformation and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles.

 The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities discussed inthis report may not be suitable for all investors. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their ownskill and judgment in making any investment or other decision. Readers should independently evaluate particular investments and strategies, and areencouraged to seek the advice of a financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in thisreport. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investor’sindividual circumstances and objectives and should be confirmed by such investor with his advisers independently before adoption or implementation (either asis or varied). You agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to KER, its related andaffiliate companies and/or their employees. You understand that you are using this report AT YOUR OWN RISK.

 This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by the Kim Eng affiliated entity/entities operatingand carrying on business as a securities dealer or financial adviser in that jurisdiction (collectively or individually, as the context requires, "Kim Eng") which has,vis-à-vis a relevant Authorised Person, approved of, and is solely responsible in that jurisdiction for, the contents of this publication in that

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Kim Eng, its related and affiliate companies and/or their employees may have investments in securities or derivatives of securities of companies mentioned inthis report, and may trade them in ways different from those discussed in this report. Derivatives may be issued by Kim Eng its related companies orassociated/affiliated persons.

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Except with respect the disclosures of interest made above, this report is based on public information. Kim Eng makes reasonable effort to use reliable,comprehensive information, but we make no representation that it is accurate or complete. The reader should also note that unless otherwise stated, none of KimEng or any third-party data providers make ANY warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data theyprovide and shall not have liability for any damages of any kind relating to such data.

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Tuan Sing Holdings Limited

   Malaysia

Maybank Investment Bank Berhad(A Participating Organisation of Bursa Malaysia Securities Berhad)33rd Floor, Menara Maybank,100 Jalan Tun Perak,50050 Kuala Lumpur 

Tel: (603) 2059 1888;Fax: (603) 2078 4194

  Singapore

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Tel: (65) 6336 9090Fax: (65) 6339 6003

London

Maybank Kim Eng Securities(London) Ltd 6/F, 20 St. Dunstan’s HillLondon EC3R 8HY, UK

Tel: (44) 20 7621 9298

Dealers’ Tel: (44) 20 7626 2828Fax: (44) 20 7283 6674

  New York

Maybank Kim Eng SecuritiesUSA Inc 777 Third Avenue, 21st Floor New York, NY 10017, U.S.A.

Tel: (212) 688 8886

Fax: (212) 688 3500

Stockbroking Business:Level 8, Tower C, Dataran Maybank,No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888Fax: (603) 2282 5136

  Hong Kong

Kim Eng Securities (HK) Ltd Level 30,Three Pacific Place,1 Queen’s Road East,Hong Kong

Tel: (852) 2268 0800Fax: (852) 2877 0104

Indonesia

PT Kim Eng Securities Plaza BapindoCitibank Tower 17th Floor Jl Jend. Sudirman Kav. 54-55Jakarta 12190, Indonesia

Tel: (62) 21 2557 1188Fax: (62) 21 2557 1189

  India

Kim Eng Securities India Pvt Ltd2nd Floor, The International 16,Maharishi Karve Road,Churchgate Station,Mumbai City - 400 020, India

Tel: (91).22.6623.2600Fax: (91).22.6623.2604

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Maybank ATR Kim Eng SecuritiesInc. 

17/F, Tower One & Exchange Plaza Ayala Triangle, Ayala AvenueMakati City, Philippines 1200

Tel: (63) 2 849 8888Fax: (63) 2 848 5738

  Thailand

Maybank Kim Eng Securities(Thailand) Public Company

Limited 999/9 The Offices at Central World,20th- 21st Floor,Rama 1 Road Pathumwan,Bangkok 10330, Thailand

Tel: (66) 2 658 6817 (sales)Tel: (66) 2 658 6801 (research)

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Kim Eng Vietnam SecuritiesCompany

1st Floor, 255 Tran Hung Dao St.District 1Ho Chi Minh City, Vietnam

Tel : (84) 838 38 66 36Fax : (84) 838 38 66 39

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Prince Mohammed bin AbdulazizStreet P.O. Box 126575Jeddah 21352

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  South Asia Sales Trading

Connie TANconnie@kimeng.comTel: (65) 6333 5775US Toll Free: 1 866 406 7447 

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Eddie LAUeddielau@kimeng.com.hkTel: (852) 2268 0800US Toll Free: 1 866 598 2267 

www.maybank-ib.com | www.kimengresearch.com.sg 

 APPENDIX I

 Add iti onal inf ormatio n on ment ion ed sec uri ties is availab le on requ est.

Jurisdiction Specific Additional Disclaimers:

 THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, ANDMAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWSIN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS.

 THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, ANDMAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANYMALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BYACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS.

Without prejudice to t he foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or 

accessing this report in or from ot her than Singapore.

As of 3 J anuary 2012, Kim Eng Research Pte. Ltd. and the covering analyst do not have any interest in Tuan Sing Holdings Limited.

 Anal yst Certi fic atio n:

 The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

©2012 Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed in anymanner without the prior written permission of Kim Eng Research Pte. Ltd. Kim Eng Research Pte. Ltd. accepts no liability whatsoever for the actions of thirdparties in this respect.

Stephanie Wong

CEO, Kim Eng Research