Summary of Performance in April & Outlook for May:

Heading into May, we are most upbeat on Airports of Thailand, Kasikornbank and PTT Exploration & Production to outperform the other Thai SDRs. Meanwhile, price consolidation is likely for CP All and Gulf Energy Development. Conversely, we are bearish on Siam Cement and Delta Electronics.

Singapore Depository Receipts (SDR) are instruments that represent the beneficial interest of an underlying security listed on an overseas exchange. An SDR is issued for trading on the securities market of the Singapore Exchange (SGX-ST) on an unsponsored basis by an intermediary, referred to as a SDR issuer, who does not have a formal agreement with the underlying company. Each SDR is represented by a specific number of securities listed on an overseas exchange, deposited with a custodian appointed by the SDR issuer in the relevant home market. The underlying securities are registered in the name of the custodian and held on behalf of the SDR issuer who in turn holds the beneficial interest in the underlying securities on trust for SDR holder.

Benefits of investing with SDR:

• Invest in overseas listed companies via SDRs through a single marketplace
• Local brokerage and fees apply. No additional overseas trading fees, foreign exchange fees, or management fees
• Trade, clear and settle during SGX-ST market hours in SGD
• SDR are custodised with CDP. For non-CDP linked accounts, it will be custodised with sub-accounts under Phillip Securities’s name
• Ability to convert between SDRs and underlying securities