Valuation Indicators

5 Year Valuation Indicators
Share Price (S$)	2006	2007	2008	2009	2010
Highest	7.75	9.70	9.02	9.10	10.24
Lowest	6.20	7.50	4.50	3.95	8.08
Average	6.75	8.84	7.41	6.78	8.92
Last Done	7.70	8.29	4.99	9.10	9.88
Per ordinary share
Basic earnings (cents)	63.4	65.9	54.6	59.4	66.1
Basic core earnings⁽¹⁾ (cents)	45.4	59.7	46.1	59.4	66.1
Net interim and final dividend(cents)⁽²⁾	23.0	28.0	28.0	28.0	30.0
Net asset value (NAV) (S$)	4.07	4.79	4.51	5.29	5.66
Ratios ⁽³⁾
Price-earnings ratio (times)	10.7	13.4	13.6	11.4	13.5
Price-earnings ratio - based on core earnings	14.9	14.8	16.1	11.4	13.5
Net dividend yield (%)	3.41	3.17	3.78	4.13	3.36
Dividend cover (times)	2.77	2.35	1.95	2.09	2.18
Price/NAV (times)	1.66	1.85	1.64	1.28	1.58

⁽¹⁾ Core earnings exclude gains from divestments of non-core assets and tax refunds.
⁽²⁾ Dividends are stated net of tax, where relevant. With effect from 2007 final dividend, the Group's dividends are on a one-tier tax exempt basis.
⁽³⁾ Price ratios and dividend yield are based on average share prices.


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