Singpost: UBS maintains Neutral with TP $1.07, citing potential loss from equity-linked notes.S$34.5m investment in ELNs is a cause for concern, given the sharp correction in equity markets, and the amount of loss could vary widely depending on the underlying equities and exact structure of these financial instruments.
Scenario analysis suggests these losses could range anywhere between $0.9m to $10.3m, which is 0.6%-7.0% of 2012E net profits.
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