Table of Contents
Strategy Section................................................................................ 5
Executive summary...................................................................................................................6
Caged by recession ..................................................................................................................7
DB10 Singapore Portfolio........................................................................................................16
Sector Summary.............................................................................. 17
Banks .....................................................................................................................................18
Property Developers ...............................................................................................................21
Real Estate Investment Trusts ................................................................................................23
Technology sector...................................................................................................................25
Plantations ..............................................................................................................................26
Conglomerates.......................................................................................................................28
Transportation sector ..............................................................................................................30
Land transportation .................................................................................................................32
Telecommunications..............................................................................................................34
S-chips ...................................................................................................................................36
Economics Section .......................................................................... 38
Singapore economics .............................................................................................................39
Company Section ............................................................................ 41
Allgreen Properties .................................................................................................................42
Ascendas Real Estate .............................................................................................................46
CapitaLand Ltd ........................................................................................................................50
Chartered Semi .......................................................................................................................54
China Hongxing Sports ...........................................................................................................58
City Developments .................................................................................................................62
CMT .......................................................................................................................................66
ComfortDelgro ........................................................................................................................70
Cosco Corporation ..................................................................................................................74
DBS Group Holdings Ltd.........................................................................................................78
Del Monte Pacific....................................................................................................................82
First Resources .......................................................................................................................86
Golden Agri .............................................................................................................................90
Indofood Agri ..........................................................................................................................94
Keppel Corp Ltd ......................................................................................................................98
Keppel Land ..........................................................................................................................102
Li Heng Chemical Fibre......................................................................................................... 106
M1........................................................................................................................................110
Mapletree Logistics Trust .....................................................................................................114
Mercator Lines (Singapore) Ltd.............................................................................................118
Neptune Orient Lines............................................................................................................122
OCBC...................................................................................................................................126
Olam ....................................................................................................................................130
Parkway Holdings .................................................................................................................134
Raffles Medical Group .......................................................................................................... 138
SembCorp Industries Ltd ......................................................................................................142
Sembcorp Marine .................................................................................................................146
Singapore Airlines .................................................................................................................150
Singapore Exchange ............................................................................................................. 154
Singapore Press Hldgs..........................................................................................................158
Singapore Telecom...............................................................................................................162
Sino-Environment Tech Group ..............................................................................................166
SMRT Corporation ................................................................................................................170
ST Engineering.....................................................................................................................174
Starhub.................................................................................................................................178
Suntec REIT ..........................................................................................................................182

Table of Contents (Cont'd)
United Overseas Bank ..........................................................................................................186
Venture Corporation..............................................................................................................190
Wilmar..................................................................................................................................194
Wing Tai Hldgs......................................................................................................................198
Yangzijiang Shipbldg .............................................................................................................202
Appendix A - Growth .................................................................... 206
Appendix B - Value........................................................................ 207
Appendix C - Risks......................................................................... 208