bukit sembawang estates

7/22/2019 Bukit Sembawang Estates

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Property Development SINGAPOREMay 24, 2012

IMPORTANT DISCLOSURES. INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.

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Rewarding shareholdersLower recognitions were offset by a strengthened balance sheet.BukitSemb ended FY12 with a net cash position and rewardedshareholders with higher dividend of 18Scts (FY11: 12Scts), exceedingexpectations. We see higher dividend payouts to be sustained in FY13.

FY12 core profit came in below at89% of our full year and consensus on

lower profit recognitions. Weintroduce FY15 and adjust FY13-14 onrecognition timing. Our RNAV/targetprice (40% discount to RNAV) dipson higher operating costs factored in.Maintain Outperform.

Anchored by Luxus HillsFY12 was down 24% yoy on lowerrecognitions. FY13 earnings willcontinue to be propped up bypre-sales on completion of LuxusHills phase 2 and Verdure later in the

year. Sales at non-landed projectshave tapered down, thoughsubstantially sold with 77%, 66%,80% take-up at Skyline Residences,The Vermont and Paterson Suitesrespectively. Slower non-landed salesare offset by steady monetisation oflanded landbank, with Luxus HillsPhase 5 largely cleared and Phase 6due for launch at higher ASPs. Weunderstand that construction has/willsoon commence at Paterson 2 and St

Thomas Walk sites, but see possibilityof delays in launch timing.

Stronger balance sheet, moredividendsThe companys balance sheetcontinued to strengthen, ending FY12with a S$23m net cash position (3Q11:0.01x net gearing). FY12 dividends of18Scts exceeded expectations at 26%of NPAT (vs. 18% in prior years), and4% yield on current share price. Withlandbank replenishment less likely inthe near term, we anticipate higherdividend payouts to be sustained on

the back of a stronger net-cashposition in 2012/13 following cashcollections from projects.

Compelling valuationsAt 0.9x P/BV, the stock trades belowits 10-year historical average of 2.0xdespite landed landbank booked at>S$1bn below estimated developmentvalue. Its steep 54% discount toRNAV (2008 levels) is unwarrantedwith stronger balance sheet this cycle.

CIMB Analyst

Lee Syn YiT(65) [email protected]

Donald Chua

T(65) [email protected]

Bukit Sembawang Estates 4QFY12 RESULTS NOTEBS SP / BSES.SI

Current S$4.40 SHORT TERM(3 MTH) LONG TERM

Market Cap Avg Daily Turnover Free Float Target S$5.72

US$892.1m US$0.20m 41% Previous Target S$5.80S$1,139m S$0.25m 258.9 m shares Up/downside 30.0%

Share price info

Share price perf. (%) 1M 3M 12M

Relative -1.6 4.3 13.4

Absolute -7.8 -2.0 2.8

Major shareholders % held

Lee-related entities 32.4

Results Comparison

FYE Mar (S$ m)4Q

FY12

4Q

FY11

yoy %

chg

qoq %

chg

4QFY12

cum

4QFY11

cum

yoy %

chg

Prev.

FY12FComments

Revenue 50.92 76.63 (33.56) (57.16) 390.57 515.12 (24.18) 380.14 In l ine.Operating costs (27.57) (63.56) (56.63) (62.86) (233.79) (333.79) (29.96) (199.37) Above. Higher property tax/maintenance costsEBITDA 23.35 13.07 78.61 (47.70) 156.78 181.33 (13.54) 180.77 Below. Higher operating expenses.EBITDA margin (%) 45.86 17.06 40.14 35.20 14.03 47.55

Depn & amort. (0.07) (0.06) 4.84 (2.99) (0.20) (0.23) (12.64) (0.18)EBIT 23.29 13.01 78.96 (47.76) 156.58 181.10 (13.54) 180.59 Below. Higher operating expenses.Interest expense 0.00 (0.56) (100.00) (100.00) (6.75) (4.09) 64.98 (2.60) Above. Hedging reserves transferred to profit and loss.Interest & invt inc 0.87 0.78 11.10 (46.60) 4.64 2.15 116.01 1.58 Above. Mark-to-market gain on i/r swaps.

Associates' contrib 0.00 0.00 NA NA 0.00 0.00 NA 0.00Exceptionals 2.64 13.10 (79.83) (92.84) 52.41 18.04 190.51 0.00 One-off gain on disposal of available-for-sale financial assetsPretax profit 26.80 26.33 1.78 (67.72) 206.89 205.38 0.73 179.58Tax (5.26) 1.14 (560.91) (26.98) (23.98) (28.32) (15.31) (32.32)Tax rate (%) 19.62 (4.33) 11.59 13.79 18.00Minority interests 0.00 0.00 NA NA 0.00 0.00 NA 0.00

Net profit 21.54 27.47 (21.59) (71.59) 182.91 177.06 3.30 147.25 Above. One-off gain from disposal of available-for-sale financial assetsCore net prof it 18.90 14.38 31.46 (51.44) 130.49 159.02 (17.94) 147.25 Slightly below, 89% of full-yearEPS (cts) 8.32 11.24 (25.96) (71.59) 70.64 71.45 (1.13) 57.63Core EPS (cts) 7.30 5.89 23.83 (51.44) 50.40 64.17 (21.46) 57.63

SOURCE: CIMB, COMPANY REPORTS


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Bukit Sembawang EstatesMay 24, 2012

2

Figure 1: GDV breakdown Figure 2: Historical discount to RNAV

Paterson Suites &

Paterson Two

12%

St. Thomas Walk

11%

The Vermont

7%

Skyline - Fairways

Condo

12%

The Verdure

1%

Landed

57%

-45%

-37%

-16%

-35%

-26%

-39%-38%

-31%-29%

-44%-48% -50%

-58%

-47%-47%

-43%

-50%

-43%-39%

-37% -43%

-54%

0

5

10

15

20

25

30

Mar-08

Jun-08

Sep-08

Dec-08

Mar-09

Jun-09

Sep-09

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

(S$)

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

Stock price RNAV/share Discount to RNAV (RHS)

SOURCES: CIMB, COMPANY REPORTS SOURCES: CIMB, COMPANY REPORTS

Figure 3: Landbank overview

Project Year acquired

Total Saleable

land area/ GFA

(sf) % sold

ASP (sold

units) (S$psf) % unsold

Est ASP (unsold)

(S$psf)

ASP

(blended)

(S$psf) GDV (S$m)

Luxus Hills - Lot 9425C Legacy 1,614,453 27% 1,185 73% 1,400 1,039 1,341

Landed housing - Lot 12949A Legacy 341,064 0% - 100% 1,190 1,190 184

Landed housing - Lot 12949A (2) Legacy 301,213 0% - 100% 1,400 1,400 226

Landed housing - Lot 9934W Legacy 29,009 0% - 100% 1,400 1,400 22Watercove Ville (Landed) Legacy 141,578 0% - 100% 1,400 1,400 133

Paterson suites FY06 199,823 80% 2,850 20% 2,610 2,802 112

Paterson Phase Two FY07 149,803 0% - 100% 2,480 2,480 279

Amalgamated site at St. Thomas Walk FY06-07 302,745 0% - 100% 1,800 1,800 364

The Verdure FY06 101,768 100% 1,400 0% - - 26

The Vermont FY06 203,342 66% 2,300 34% 2,100 2,232 246

Skyline - Fairways Condo FY08 325,122 77% 1,900 23% 1,800 1,877 402

Unsold non-landed GFA (sf): 637,833

Unsold saleable land area (sf): 1,996,339

Total GDV (undiscounted) (S$m): 3,336 SOURCES: CIMB, URA, COMPANY REPORTS

Financial Summary

Mar-11A Mar-12A Mar-13F Mar-14F Mar-15F

Revenue (S$m) 515.1 390.6 713.6 655.6 540.4

Operating EBITDA (S$m) 181.3 143.1 295.4 272.2 199.8

Net Profit (S$m) 177.1 182.9 243.7 226.0 169.1Core EPS (S$) 0.65 0.51 0.94 0.87 0.65

Core EPS Growth 419% (21%) 84% (7%) (25%)

FD Core P/E (x) 6.80 8.62 4.67 5.04 6.74

DPS (S$) 0.12 0.18 0.21 0.16 0.12

Dividend Yield 2.80% 4.15% 4.71% 3.61% 2.70%

EV/EBITDA (x) 7.24 7.70 3.49 3.12 2.31

P/FCFE (x) 10.27 13.13 7.98 8.31 2.50

Net Gearing 24.8% (2.1%) (8.4%) (19.7%) (42.2%)

P/BV (x) 1.15 1.04 0.89 0.78 0.71

Recurring ROE 18.4% 12.7% 20.5% 16.4% 11.0%

% Change In Core EPS Estimates 3.7% 15.0%

CIMB/consensus EPS (x) 1.03 1.15

3.3

3.8

4.3

4.8

9497

101104107111114117121124

Price Close Relative to FSSTI (RHS)

Source: Bloomberg

200400

600800

1000

May-11 Aug-11 Nov-11 Feb-12

Volth

4.40

5.72

3.50 4.99

Target

52-week share price range

Current

SOURCE: CIMB, COMPANY REPORTS


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Figure 4: RNAV

CY12

Tenure Sector NLA (sf)/ Stake Exp yield RNAV

Rms/Lots (S$m)

Investment Properties

7th Storey Tong Building FH O 6,865 100% 5.0% 7

Development GDV 2,315

AFS financial assets and others 41

GAV 2,363

Less: Net debt (incl any off b/s debt) 107

RNAV 2,470

Fully-diluted share base, post rights issue and warrants (m) 259

RNAV per share (S$) 9.54

Disc to RNAV

Target Price 40% 5.72 SOURCES: CIMB, COMPANY REPORTS


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Figure 5: Sector Comparison

Price Tgt Px Mkt Cap RNAV Prem./(Disc.) P /BV (x) Div. Yield (%)

(loca l curr) (loca l curr) (US$ m) CY2012 CY2013 CY2012 to RNAV (%) CY2012 CY2012

Bukit Sembawang Estates BS SP Outperform 4.40 5.72 892 5.3 4.9 9.54 -54% 0.92 4.6%

CapitaLand CAPL SP Outperform 2.43 3.61 8,089 29.6 18.0 4.81 -49% 0.69 1.7%CapitaMalls Asia CMA SP Underperform 1.37 1.41 4,156 21.8 21.3 1.88 -27% 0.83 2.2%City Developments CIT SP Underperform 10.00 9.05 7,122 19.4 14.8 11.32 -12% 1.32 1.3%Fraser & Neave FNN SP Neutral 6.47 7.20 7,200 14.8 13.3 8.47 -24% 1.24 2.8%Global Logistic Properties GLP SP Outperform 1.99 2.37 7,145 22.4 19.2 2.37 -16% 0.98 0.8%Ho Bee Investments HOBEE SP Underperform 1.19 1.28 657 8.6 8.1 2.13 -44% 0.50 1.1%Keppel Land KPLD SP Neutral 2.82 3.43 3,293 10.3 10.5 4.58 -38% 0.74 3.2%Overseas Union Enterprise OUE SP Outperform 2.03 2.98 1,447 18.2 14.9 3.98 -49% 0.65 2.7%Singapore Land SL SP Outperform 5.56 6.76 1,796 11.9 9.1 12.28 -55% 0.51 3.6%United Engineers UEM SP Outperform 2.10 2.83 484 9.9 5.0 4.35 -52% 0.50 4.8%UOL Group UOL SP Outperform 4.20 5.47 2,528 10.0 9.9 7.29 -42% 0.61 2.2%Wheelock Properties (S) WP SP Neutral 1.63 1.78 1,528 18.1 13.0 2.54 -36% 0.67 3.7%Wing Tai Holdings WINGT SP Outperform 1.28 1.60 780 6.1 6.0 2.13 -40% 0.48 4.1%Singapore average 16.0 13.4 -35% 0.83 2.1%

Agile Property 3383 HK Neutral 8.33 9.40 3,700 5.4 5.1 19.18 -57% 0.95 4.6%China Overseas Grand Oce 81 HK Outperform 9.23 12.50 1,809 7.9 6.0 13.70 -33% 2.08 1.3%China Overseas Land 688 HK Outperform 15.70 20.50 16,524 8.3 7.4 22.61 -31% 1.55 2.4%China Resources Land 1109 HK Outperform 13.36 18.00 10,026 12.2 10.7 22.53 -41% 1.20 2.2%

Evergrande Real Estate 3333 HK Outperform 3.91 6.30 7,499 4.8 4.0 10.45 -63% 1.21 6.2%Guangzhou R&F 2777 HK Neutral 9.72 8.90 4,034 5.3 5.0 14.91 -35% 1.00 7.5%KWG Property Holding 1813 HK Neutral 4.26 5.00 1,587 4.6 4.1 9.07 -53% 0.67 6.9%Longfor Properties 960 HK Outperform 11.28 15.70 7,489 8.8 7.2 20.92 -46% 1.85 3.4%Poly Hong Kong 119 HK Neutral 3.36 4.80 1,561 5.7 5.0 9.76 -66% 0.46 1.8%Shimao Property 813 HK Outperform 9.91 13.50 4,429 5.8 5.2 20.83 -52% 0.85 5.5%Sino-Ocean Land 3377 HK Neutral 3.10 4.40 2,260 5.5 4.9 8.90 -65% 0.38 4.6%SOHO China 410 HK Neutral 5.31 5.70 3,548 5.6 4.4 9.66 -45% 0.92 6.2%Hong Kong average 7.1 6.1 -58% 1.11 3.8%

Alam Sutera ASRI IJ Outperform 570 780 1,197 10.4 9.7 943 -40% 2.93 2.5%Bumi Serpong Damai BSDE IJ Outperform 1,280 1,600 2,393 19.9 17.0 2,486 -49% 2.86 0.6%Ciputra Development CTRA IJ Outperform 690 850 1,118 20.7 13.7 1,088 -37% 1.90 0.9%Ciputra Property CTRP IJ Outperform 700 870 460 17.5 10.2 1,336 -48% 1.14 1.1%Lippo Karawaci LPKR IJ Trading Buy 810 800 1,997 19.3 17.1 1,037 -22% 2.25 1.6%Metropolitan Land MTLA IJ Outperform 435 650 352 17.7 12.3 1,231 -65% 2.23 1.2%Summarecon Agung SMRA IJ Neutral 1,590 1,800 1,168 23.2 21.2 2,619 -39% 3.88 0.8%Surya Semesta Internusa SSIA IJ Outperform 1,020 1,450 513 8.3 6.6 1,896 -46% 3.06 1.8%Indonesia average 16.7 13.8 -39% 2.46 1.2%

Eastern & Oriental EAST MK Trading Buy 1.36 1.77 491 13.5 10.2 2.86 -52% 1.17 3.0%KLCC Property Holdings KLCC MK Underperform 3.25 3.03 965 9.8 9.1 5.05 -36% 0.49 3.7%Mah Sing Group MSGB MK Trading Buy 1.95 2.51 517 7.0 5.7 3.07 -36% 1.32 4.6%SP Setia SPSB MK Trading Buy 3.72 4.30 2,271 17.1 14.3 4.51 -18% 1.86 3.3%UEM Land Holdings ULHB MK Trading Buy 1.92 2.56 2,642 22.3 16.5 2.82 -32% 1.60 0.4%UOA Development UOAD MK Trading Buy 1.48 1.84 563 5.9 5.3 2.78 -47% 0.90 8.1%Malaysia average 13.4 11.1 -31% 1.18 2.7%

Amata Corporation AMATA TB Outperform 14.60 25.44 494 12.8 8.0 21.77 -33% 2.31 2.8%Asian Property AP TB Neutral 6.30 6.48 565 8.9 6.8 7.00 -10% 1.50 4.5%Hemaraj HEMRAJ TB Outperform 2.64 2.72 813 13.8 12.6 2.80 -6% 2.65 3.9%Land And Houses LH TB Outperform 7.00 7.46 2,227 21.5 19.1 6.00 17% 2.37 4.5%LPN Development LPN TB Neutral 16.00 15.70 749 10.6 8.7 7.40 116% 2.84 4.7%Pruksa Real Estate PS TB Outperform 13.10 17.61 919 7.6 6.0 22.80 -43% 1.46 4.0%Quality Houses QH TB Underperform 1.53 1.29 446 22.8 13.0 3.60 -58% 0.94 3.9%Sansiri Public Co SIRI TB Outperform 1.98 2.75 453 6.3 4.6 2.48 -20% 1.26 7.9%Supalai PCL SPALI TB Neutral 15.30 15.44 833 8.1 7.4 9.05 69% 1.96 4.9%

Thailand average 11.4 9.0 -7% 1.86 4.6%

Ayala Land Inc. ALI PM Outperform 18.84 25.70 5,644 29.6 25.5 na na 3.48 1.2%Philippine average 29.6 25.5 na 3.48 1.2%

Average (all) 10.3 8.8 #N/A 1.08 2.9%

CompanyBloomberg

TickerRecom.

Core P/E (x)

SOURCES: CIMB, BLOOMBERG, COMPANY REPORTS


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(a) Bukit Sembawang Estates, CapitaLand, CapitaMalls Asia, City Developments, Eastern & Oriental, Keppel Land, KLCC Property Holdings, Mah Sing Group, Singapore Land, UEMLand Holdings, United Engineers, UOA Development, Wheelock Properties (S), Wing Tai Holdings

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This publication is strictly confidential and is for private circulation only to clients of CIMBS. This publication is being supplied to you strictly on the basis that it will remain confidential. Nopart of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other personin whole or in part, for any purpose without the prior written consent of CIMBS.

Corporate Governance Report:

The disclosure of the survey result of the Thai Institute of D irectors Association (IOD) regarding corporate governance is made pursuant to the policy of the Office of the Securities andExchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosedto the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based oninside information.

The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. CIMBS doesnot confirm nor certify the accuracy of such survey result.

Score Range 90100 8089 7079 Below 70 or No Survey Result

Description Excellent Very Good Good N/A

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United Kingdom:This report is being distributed by CIMB Securities (UK) Limi ted only to, and is directed at selected persons on the basis that those persons are (a) persons falling withinArticle 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the Order) who have professional experience in investments of this type or (b) high networth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order, (all such persons together being referred to as relevantpersons). A high net worth entity includes a body corporate which has (or is a member of a group which has) a called -up share capital or net assets of not less than (a) if it has (or is asubsidiary of an undertaking which has) more than 20 members, 500,000, (b) otherwise, 5 million, the trustee of a high value trust or an unincorporated association or partnership withassets of no less than 5 million. Directors, officers and employees of such entities are also included provided their responsibilities regarding those entities involve engaging in investmentactivity. Persons who do not have professional experience relating to investments should not rely on this document.

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 ResearchPte Ltd solely to persons who qualify as "Major U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only forInstitutional Investors and investment professionals whose ordinary business activities involve investing in shares, bonds an d associated securities and/or derivative securities and whohave professional experience in such investments. Any person who is not an Institutional Investor must not rely on this communication. However, the delivery of this research report to anyperson in the United States of America shall not be deemed a recommendation to effect any transactions in the securities discussed herein or an endorsement of any opinion expressedherein. 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 distribtion to professional, institutional or sophisticated investorsas defined in the laws and regulations of such jurisdictions.

Recommendation Framework #1 *

Stock Sector

OUTPERFORM: The stock's total return is expected to exceed a relevantbenchmark's total return by 5% or more over the next 12 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, isexpected to outperform the relevant primary market index over the next 12 months.

NEUTRAL: The stock's total return is expected to be within +/-5% of a relevantbenchmark's total return.

NEUTRAL: The industry, as defined by the analyst's coverage universe, is expectedto perform in line with the relevant primary market index over the next 12 months.

UNDERPERFORM: The stock's total return is expected to be below a relevantbenchmark's total return by 5% or more over the next 12 months.

UNDERWEIGHT:The industry, as defined by the analyst's coverage universe, isexpected to underperform the relevant primary market index over the next 12 months.

TRADING BUY: The stock's total return is expected to exceed a relevantbenchmark's total return by 5% or more over the next 3 months.

TRADING BUY: The industry, as defined by the analyst's coverage universe, isexpected to outperform the relevant primary market index over the next 3 months.

TRADING SELL: The stock's total return is expected to be below a relevantbenchmark's total return by 5% or more over the next 3 months.

TRADING SELL:The industry, as defined by the analyst's coverage universe, isexpected 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 and Jakarta 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)


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Recommendation Framework #2 **

Stock Sector

OUTPERFORM:Expected positive total returns of 15% or more over the next 12

months.

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 +15% or better overthe next 12 months.

NEUTRAL: Expected total returns of between -15% and +15% over the next 12months.

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 +15% (or better)or -15% (or worse), or (ii) stocks that are predominantly expected to have total returnsthat will range from +15% to -15%; both over the next 12 months.

UNDERPERFORM:Expected negative total returns of 15% or more over the next 12months.

UNDERWEIGHT:The industry, as defined by the analyst's coverage universe, has ahigh number of stocks that are expected to have total returns of -15% or worse overthe next 12 months.

TRADING BUY: Expected positive total returns of 15% or more over the next 3months.

TRADING BUY:The industry, as defined by the analyst's coverage universe, has ahigh number of stocks that are expected to have total returns of +15% or better overthe next 3 months.

TRADING SELL:Expected negative total returns of 15% or more over the next 3months.

TRADING SELL:The industry, as defined by the analyst's coverage universe, has ahigh number of stocks that are expected to have total returns of -15% or worse overthe 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 temporarilyoutside the prescribed ranges due t o 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.

ADVANC- Excellent, AMATA- Very Good, AOT- Excellent, AP- Very Good, BANPU- Excellent , BAY- Excellent , BBL- Excellent, BCP- Excellent, 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, HANA - Very Good, HEMRAJ- Excellent, HMPRO - Very Good, ITD- Good, IVL - VeryGood, KBANK- 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, SCB- Excellent, SCC- Excellent, SCCC- Very Good, SIRI- VeryGood, SPALI- Very Good, STA- Very Good, STEC- Very Good, TCAP- Very Good, THAI- Very Good, TISCO- Excellent, TMB- Excellent, TOP- Excellent, TRUE- Very Good,TUF- Very Good:

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