Property Development SINGAPORE

November 12, 2012

Wheelock Properties (S)

WP SP / WPSL.SI Current S$1.84 S$2.00 S$1.81 9.0%
Conviction| |

3QFY12 RESULTS NOTE

SHORT TERM (3 MTH) LONG TERM

Market Cap

Avg Daily Turnover

Free Float

Target Previous Target Up/downside

US$1,791m
S$2,196m

US$0.45m
S$0.54m

20.0%
1,197 m shares

CIMB Analyst

Development sales lacking

3Q12 earnings were propped up by recurring income from investment properties and yield-enhancing investments. Development properties disappointed with only three units sold at Orchard View. Ardmore Three opened for a private preview. Expect the slow sales to continue.

Lee Syn Yi
T (65) 62108685 E synyi.lee@cimb.com

Donald Chua
T (65) 62108606 E donald.chua@cimb.com

9M12 core earnings came in below expectations at 71% of our FY12 and 63% of consensus on fewer units sold at Scotts Square. We adjust estimates on recognitions and stronger interest income on investments, raising our target price, now pegged to lower mid-cycle 25% discount to RNAV, from 30% before. Maintain Neutral.

a 4Q13 launch.

Recurring income buffer

The investment properties segment held the fort in 3Q. Occupancies and rents were largely unchanged from the previous quarter with Wheelock Place 95% occupied at S$11psf rental, and Scotts Square retail 93% committed at S$22psf rental. Management has renewed all 2012 office leases at Wheelock, with some spaces at higher rents. Basement 1 and 2 of Wheelock will be open for trading before Christmas. Investment income has also been strengthened by investments in yield-enhancing instruments.

Share price info

Share price perf. (%) Relative Absolute Major shareholders Wheelock Properties 1M 2.8 1.7 3M 0.7 -0.8 12M 3.4 11.2 % held 75.0

Slow sales, lower rents

3Q was a weak quarter for residential. While the last three units at Orchard View were sold, average ASP was brought down further to S$2,845psf from 2Qs S$2,900psf. Monthly rents at Scotts Square also dipped from 2Qs S$5,850-7,200 to S$5,000 -6,500 in 3Q. Ardmore Three was launched for a private preview in Sep, with public launch under review in light of market conditions. We understand that units have been priced at S$3,200psf, with one unit transacted in Oct based on URA data. Short of price cuts, we expect slower sales given total quantum of S$5m6m. The Fuyang project is slated for
FY12 FY11 cum cum 180.39 334.82 (94.34) (132.40) 86.05 202.41 47.70 60.46 (0.21) (0.18) 85.83 202.24 (0.73) 0.00 13.41 1.61 0.00 0.00 10.93 0.65 109.44 204.50 (15.37) (34.38) 14.05 16.81 0.00 0.00 94.07 170.12 83.14 169.47 7.86 14.22 6.95 14.16

Focus on current projects

We reiterate the view that a privatisation is less compelling at current valuations. We like managements prudence, but lack of cash deployment (3Q net cash: S$442m) opportunities is a key overhang. We expect the company to focus on current projects.

Results Comparison
FYE Dec (S$ m) Revenue Operating costs EBITDA EBITDA margin (%) Depn & amort. EBIT Interest expense Interest & invt inc Associates' contrib Exceptionals Pretax profit Tax Tax rate (%) Minority interests Net profit Core net profit EPS (cts) Core EPS (cts) 3Q FY12 37.65 (17.18) 20.47 54.36 (0.07) 20.40 0.00 3.29 0.00 12.79 36.48 (4.10) 11.23 0.00 32.38 19.59 2.71 1.64 3Q FY11 164.39 (67.30) 97.09 59.06 (0.07) 97.03 0.00 0.34 0.00 0.23 97.60 (16.83) 17.24 0.00 80.77 80.54 6.75 6.73 yoy % qoq % chg chg (77.10) (67.71) (74.47) (73.43) (78.92) (60.58) 9.23 (78.98) NA NA NA NA (62.62) (75.66) NA (59.91) (75.68) (59.91) (75.68) 1.43 (60.67) NA (63.57) NA NA (36.50) (53.97) NA (33.30) (62.32) (33.30) (62.32) yoy % Prev. Comments chg FY12F (46.12) 251.16 Slightly below. Fewer units sold at Scotts Square. (28.75) (116.77) In tandem with revenue. (57.49) 134.39 Slightly below. 9M12: 64% of full year. (21.10) 53.51 20.57 (0.32) (57.56) 134.07 NA 0.00 733.37 2.47 Stronger interest income from investments. NA 0.00 NA 0.00 FX gains (46.48) 136.55 9M12: 80% of full year on FX gains. (55.28) (19.12) (16.44) 14.00 NA 0.00 (44.70) 117.43 (50.94) 117.43 Below. 9M12: 71% of full year. (44.70) 9.81 (50.94) 9.81
SOURCE: CIMB, COMPANY REPORTS IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. Designed by Eight, Powered by EFA

Wheelock Properties (S)

November 12, 2012

2.00 1.90 1.80 1.70 1.60 1.50

Price Close

Relative to FSSTI (RHS)

114 110 106 102 97 93 89

Financial Summary
Revenue (S$m) Operating EBITDA (S$m) Net Profit (S$m) Core EPS (S$) Core EPS Growth FD Core P/E (x) DPS (S$) Dividend Yield EV/EBITDA (x) P/FCFE (x) Net Gearing P/BV (x) Recurring ROE % Change In Core EPS Estimates CIMB/consensus EPS (x) Dec-10A 571.7 315.4 325.6 0.22 72.5% 8.24 0.060 3.27% 4.37 66.63 (28.9%) 0.78 10.1% Dec-11A 390.5 231.3 291.2 0.16 (28.2%) 11.47 0.060 3.27% 5.57 7.52 (31.3%) 0.76 6.7% Dec-12F 209.2 121.4 110.1 0.09 (42.5%) 19.95 0.060 3.27% 11.95 NA (25.4%) 0.75 3.8% (6.3%) 0.84 Dec-13F 252.6 151.5 135.0 0.11 22.6% 16.27 0.060 3.27% 9.62 32.24 (24.6%) 0.73 4.6% 1.0% 0.92 Dec-14F 485.0 210.6 185.8 0.16 37.7% 11.82 0.060 3.27% 5.76 6.83 (31.6%) 0.71 6.1% 16.0% 1.11

Vol m

1.40 8 6 4 2
Nov-11 Source: Bloomberg Feb-12 May-12 Aug-12

52-week share price range

1.84 1.50 1.93

2.00
Current Target

SOURCE: CIMB, COMPANY REPORTS

Figure 1: Wheelock Properties 0.72x P/BV

2.5

Figure 2: Mid-cycle discount c.25% (2009/11 peak to trough)

4.0 3.5

Title: Source:

150%

2.0

3.0 2.5

Please fill in the values above to have them entered in your report
50%

100%

1.5 Average PBV = 1.0x 1.0

2.0 -9% 1.5 1.0 0.5 -66% -100% 0% -30% -50%

-38%

0.5

0.0

0.0 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

SOURCES: CIMB, BLOOMBERG

Figure 3: RNAV
NLA (sf)/ Rms/Lots Investment properties Wheelock Place - Office - Retail Scotts Square - Retail Capital value of investment properties PV of residential development GDV Share of Share price Shares Market value (S$) (m) (S$m) 2.58 505.5 273.9 1.10 412.1 68.0 Stake Applied FY13 occupancy Cap rate Cap value (%) (S$psf) CY13 RNAV (S$m) GAV / Share (S$) % to GAV (%)

Ja n0 Se 3 p03 M ay -0 4 Ja n05 Se p0 M 5 ay -0 6 Ja n07 Se p0 M 7 ay -0 8 Ja n09 Se p0 M 9 ay -1 0 Ja n11 Se p11 M ay -1 2

Last price (LHS) Average (RHS) Hist (disc)/prem to RNAV (RHS)

SOURCES: CIMB, BLOOMBERG

297,603 69,751 75,000

100% 100% 100%

100% 100% 100%

4.5% 4.8% 4.8%

2,225 3,143 4,446

662 219 333 1,215 895

0.55 0.18 0.28 1.02 0.75

27% 9% 14% 50% 37%

Share of listed AFS investments Hotel Properties SC Global GAV Less/Add: FY11 (Net debt)/Net cash RNAV Fully-diluted share base RNAV per share (S$) Target price

274 68 2,452 739 3,191 1,197 2.67 2.00

0.23 0.06 2.05

11% 3% 100%

Discount to RNAV 25%

SOURCES: CIMB, BLOOMBERG, COMPANY REPORTS

Wheelock Properties (S)

November 12, 2012

Figure 4: Sector Comparison

Company Bukit Sembawang Estates CapitaLand CapitaMalls Asia City Developments Fraser & Neave Global Logistic Properties Ho Bee Investments Keppel Land Overseas Union Enterprise Singapore Land United Engineers UOL Group Wheelock Properties (S) Wing Tai Holdings Singapore average Bloomberg Ticker BS SP CAPL SP CMA SP CIT SP FNN SP GLP SP HOBEE SP KPLD SP OUE SP SL SP UEM SP UOL SP WP SP WINGT SP Recom. Outperform Outperform Underperform Underperform Outperform Neutral Neutral Neutral Outperform Outperform Outperform Outperform Neutral Outperform Price Tgt Px (local curr) (local curr) 5.41 5.45 3.42 3.97 1.86 1.80 11.52 10.25 9.19 9.85 2.72 2.55 1.52 1.62 3.41 3.62 2.62 3.38 6.83 8.44 2.40 3.13 5.54 6.55 1.84 2.00 1.67 1.94 Mkt Cap Core P/E (x) RNAV Prem./(Disc.) P/BV (x) Div. Yield (%) (US$ m) CY2012 CY2013 CY2012 to RNAV (%) CY2012 CY2012 1,145 6.6 6.4 9.08 -40% 1.14 3.6% 11,888 41.1 21.8 4.96 -31% 0.94 1.3% 5,913 30.9 27.9 2.12 -12% 1.09 1.6% 8,566 23.1 17.2 12.06 -4% 1.52 1.2% 10,818 21.5 16.6 10.52 -13% 1.78 2.0% 10,225 30.2 26.3 2.55 7% 1.28 1.4% 871 8.2 8.0 2.31 -34% 0.60 2.6% 4,306 10.9 12.9 4.83 -29% 0.88 3.0% 1,949 24.3 20.0 4.50 -42% 0.77 2.1% 2,304 13.7 12.0 14.07 -51% 0.63 2.9% 595 16.8 9.6 4.81 -50% 0.58 4.2% 3,486 13.5 11.3 8.73 -37% 0.79 1.6% 1,795 19.9 16.3 2.67 -31% 0.75 3.3% 1,066 7.2 7.1 2.59 -36% 0.61 4.5% 20.7 16.9 -24% 1.07 1.8% 4,237 2,297 21,880 13,774 7,320 4,274 1,665 9,594 2,230 6,559 3,848 3,708 2,747 6.2 8.6 11.0 15.9 5.5 6.0 4.8 10.9 8.1 9.2 9.9 7.8 7.5 9.3 11.1 18.0 19.9 17.9 20.4 19.5 17.9 8.0 16.2 14.5 14.7 8.1 16.3 24.7 7.0 15.0 16.2 11.0 14.0 20.7 12.0 11.0 25.3 9.6 9.8 13.5 36.6 36.6 13.1 5.7 6.6 9.3 14.3 5.4 5.6 4.4 9.8 7.4 6.7 9.2 7.0 7.1 8.2 10.4 14.3 11.9 10.9 17.3 13.4 15.2 7.1 13.0 11.7 13.8 6.6 13.6 18.3 6.3 12.5 9.0 8.6 10.7 19.9 9.8 8.1 19.5 7.6 8.9 10.8 31.5 31.5 11.2 19.18 11.03 24.68 23.03 9.39 15.21 9.04 21.40 9.67 23.87 8.53 9.66 4.76 -50% -29% -16% -20% -60% -32% -51% -36% -50% -39% -40% -42% -52% -50% -48% -54% -43% -54% -31% -60% -28% -59% -42% -43% -8% -25% -17% -21% -39% -23% -30% 25% 12% 46% 145% -14% -39% 29% 103% 17% na na -38% 1.08 2.54 2.05 1.64 1.19 1.05 0.69 2.12 0.65 1.24 0.62 0.99 0.79 1.36 2.46 2.76 1.92 1.02 2.56 2.46 4.22 3.29 2.52 1.36 0.83 1.53 1.78 1.78 1.05 1.36 2.46 2.04 3.12 2.90 3.22 2.17 1.31 2.02 2.36 2.37 4.29 4.29 1.33 4.0% 1.2% 1.8% 1.7% 5.5% 6.7% 6.6% 2.6% 1.2% 3.5% 2.5% 4.5% 4.6% 2.9% 2.3% 0.7% 0.9% 1.2% 1.7% 1.1% 0.7% 1.8% 1.2% 2.2% 2.0% 4.0% 3.4% 0.4% 7.3% 2.4% 2.2% 3.6% 3.6% 4.5% 4.2% 2.7% 4.4% 5.2% 4.1% 4.0% 1.0% 1.0% 2.4%

Agile Property China Overseas Grand Oceans China Overseas Land China Resources Land Evergrande Real Estate Guangzhou R&F KWG Property Holding Longfor Properties Poly Property Shimao Property Sino-Ocean Land SOHO China Yuexiu Property Hong Kong average Alam Sutera Bumi Serpong Damai Ciputra Development Ciputra Property Lippo Karawaci Metropolitan Land Summarecon Agung Surya Semesta Internusa Indonesia average Eastern & Oriental KLCC Property Holdings Mah Sing Group SP Setia UEM Land Holdings UOA Development Malaysia average Amata Corporation Asian Property Hemaraj Land And Houses LPN Development Pruksa Real Estate Quality Houses Sansiri Public Co Supalai PCL Thailand average Ayala Land Inc. Philippine average Average (all)

3383 HK 81 HK 688 HK 1109 HK 3333 HK 2777 HK 1813 HK 960 HK 119 HK 813 HK 3377 HK 410 HK 123 HK

Neutral Outperform Outperform Outperform Trading Buy Neutral Neutral Outperform Outperform Outperform Neutral Neutral Outperform

9.52 7.80 20.75 18.32 3.79 10.28 4.46 13.70 4.79 14.64 5.10 5.61 2.29

9.40 9.95 23.50 18.50 4.25 9.15 4.50 16.00 5.80 16.60 3.60 5.30 2.90

ASRI IJ BSDE IJ CTRA IJ CTRP IJ LPKR IJ MTLA IJ SMRA IJ SSIA IJ

Outperform Outperform Outperform Outperform Outperform Outperform Outperform Outperform

570 1,250 700 620 930 480 1,810 1,170

800 1,750 900 970 1,150 700 2,200 1,700

1,162 2,269 1,101 396 2,227 377 1,355 571

1,106 2,744 1,226 1,348 1,354 1,198 2,500 2,823

EAST MK KLCC MK MSGB MK SPSB MK ULHB MK UOAD MK

Trading Buy Trading Buy Trading Buy Trading Buy Trading Buy Trading Buy

1.64 5.60 2.26 3.55 2.13 1.70

1.77 5.47 2.71 4.30 2.42 2.25

608 1,707 619 2,324 3,009 705

2.86 6.08 3.01 4.30 2.69 2.81

AMATA TB AP TB HEMRAJ TB LH TB LPN TB PS TB QH TB SIRI TB SPALI TB

Outperform Outperform Outperform Outperform Neutral Outperform Neutral Outperform Underperform

15.30 8.75 3.14 8.75 18.10 19.60 2.20 3.20 18.40

23.70 12.04 4.14 9.19 20.20 26.07 1.64 4.20 15.44

533 813 995 2,863 872 1,414 659 822 1,031

21.77 7.00 2.80 6.00 7.40 22.80 3.60 2.48 9.05

ALI PM

Outperform

23.25

25.70

7,778

na

SOURCES: CIMB, BLOOMBERG, COMPANY REPORTS

Wheelock Properties (S)

November 12, 2012

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Wheelock Properties (S)

November 12, 2012

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This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Order); (c) are persons falling within Article 49 (2) (a) to (d) (high net worth companies, unincorporated associations etc) of the Order; (d) are outside the United Kingdom ; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as relevant persons). 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Wheelock Properties (S)

November 12, 2012

requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research. United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc. Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. Spitzer Chart for stock being researched ( 2 year data )
Price Close

2.10 Recommendations & Target Price 2.00 1.90 1.80 1.70 1.60 1.50 Outperform Neutral 1.40 Nov-10 Mar-11
na

2.06

1.67

1.79

1.79

1.78

Underperform

1.55

2.06

Trading Buy

Trading sell

1.81

Not Rated

Jul-11

Nov-11

Mar-12

Jul-12

Distribution of stock ratings and investment banking clients for quarter ended on 31 October 2012 805 companies under coverage Rating Distribution (%) Outperform/Buy/Trading Buy Neutral Underperform/Sell/Trading Sell 55.6% 33.6% 10.9% Investment Banking clients (%) 6.1% 1.9% 4.8%

Recommendation Framework #1 *

Stock
OUTPERFORM: The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 12 months. NEUTRAL: The stock's total return is expected to be within +/-5% of a relevant benchmark's total return. UNDERPERFORM: The stock's total return is expected to be below a relevant benchmark's total return by 5% or more over the next 12 months. TRADING BUY: The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 3 months. TRADING SELL: The stock's total return is expected to be below a relevant benchmark's total return by 5% or more over the next 3 months.

Sector
OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index over the next 12 months. TRADING BUY: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index over the next 3 months. TRADING SELL: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Korea Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons. CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

Wheelock Properties (S)

November 12, 2012

Recommendation Framework #2 **

Stock
OUTPERFORM: Expected positive total returns of 10% or more over the next 12 months. NEUTRAL: Expected total returns of between -10% and +10% over the next 12 months. UNDERPERFORM: Expected negative total returns of 10% or more over the next 12 months. TRADING BUY: Expected positive total returns of 10% or more over the next 3 months. TRADING SELL: Expected negative total returns of 10% or more over the next 3 months.

Sector
OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +10% or better over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal number of stocks that are expected to have total returns of +10% (or better) or -10% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +10% to -10%; both over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -10% or worse over the next 12 months. TRADING BUY: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +10% or better over the next 3 months. TRADING SELL: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -10% or worse over the next 3 months.

** This framework only applies to stocks listed on the Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2011.
AAV not available, ADVANC - Excellent, AMATA - Very Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH - Good, BEC - Very Good, BECL - Very Good, BGH - not available, BH - Very Good, BIGC - Very Good, BTS - Very Good, CCET - Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN Excellent, DELTA - Very Good, DTAC - Very Good, GLOBAL - not available, GLOW - Very Good, GRAMMY Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH Very Good, ITD - Good, IVL - Very Good, JAS Very Good, KAMART not available, KBANK - Excellent, KK - Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - not available, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS - Excellent, SC Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Very Good, SPALI - Very Good, STA - Very Good, STEC - Very Good, TCAP - Very Good, THAI - Very Good, THCOM Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF - Very Good, WORK - Good.