31 October 2005      
 
WEEK'S TOP VOLUME
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Volume `000 
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76,929 
 GMG US$
71,126 
Weekly movement as at 28 October 2005
WEEK'S TOP GAINER
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1.76 
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9.80 
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1.21 
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 Hyflux
2.99 
+0.17
 CoscoCorpMBLeCW60113
0.75 
+0.14
Weekly movement as at 28 October 2005

 
MARKET WATCH
Pan-United: Sells 20.7% Stake In Chinese Port To Macquarie
SPC: Q3 Profit Up 67.9% To $106.9 Million
Keppel Land: Q3 Profit Rose 2.5% To $33.2 Million
Keppel: Q3 Profit Rose 15% To $156 Million
UOL: Q3 Profit Rose 33% To $33.3 Million
Huan Hsin: Q3 Profit Rose 37% To $7.9 Million


Landwind: Launches IPO To Raise $26.7 Million
SembMarine: Q3 Profit Rose 52% To $33 Million
DBS: Q3 Profit Rose 28% To $446 Million
UOB: Q3 Profit Rose 25% To $463 Million
Suntec Reit: To Buy CHIJMES Property In Sípore For $128 Million
CapitaLand: Bought Dragon View Park In Jalan Mutiara For
$128 Million
 
HOT Off The Press

Radiance Acquisition Of 96% Shareholding Interest In Xiptech Holdings Pte Ltd

Radiance has entered into a conditional sale and purchase agreement on 22 October 2005 with Prospect China Limited (“PCL”), a company incorporated in Hong Kong to acquire 96% shareholding interest in Xiptech.

Radiance currently owns the remaining 4% shareholding interest in Xiptech. Upon completion of the Acquisition, Xiptech will be a wholly owned subsidiary of Radiance. Radiance is a specialist providing electronics manufacturing services ("EMS") to customers who are OEMs or ODMs of products in the satellite communications and computer peripheral industries. [+]

MTQ’s Associate RCR Reached Agreement To Acquire Advanced Cutting Service

RCR Tomlinson Ltd (RCR) is pleased to advise that it has reached agreement to purchase the business and business assets of Advanced Cutting Service, a business engaged in the laser cutting of metals located at Mt Gravatt, south of Brisbane in Queensland.

This acquisition builds on last year’s acquisition of Laser & Allied Cutting Services in Western Australia and is part of the Company’s strategic focus to grow its exposure to this fast growing high margin industry.

MTQ Engineering Pte Ltd is a leading provider of engineering solutions for oilfield and industrial equipment users and manufacturers. [+]

Courage Marine Acquisition Of Assets

On 14 October 2005, Courage Marine Group Limited has entered into a Memorandum of Agreement with First Steamship Company Limited, a listed company in Taiwan, to purchase a secondhand Panamax vessel, MV Ever Blessing (the “Vessel”), for US$11.85 million. Proceeds from the Company’s initial public offering (“IPO”) will be used for the qcquisition of the Vessel. This is in accordance with the use of proceeds as stated in the prospectus dated 3 October 2005 issued in connection with the IPO. Courage Marine Group Limited (Courage) owns and operates eight dry bulk carriers which are deployed around Greater China, Japan, Russia, Vietnam, Indonesia, Bangladesh, and elsewhere in Asia. [+]

JEL Appointment Of Authorised Distributor By Motorola Electronics Pte Ltd

JEL Corporation (Far East) Pte Ltd, a wholly-owned subsidiary, has recently been appointed by Motorola Electronics Pte Ltd, as authorized distributor, on Motorola cellular telephone products and accessories, for Cambodia, Bangladesh, Laos and Sri Lanka.

Motorola is a Fortune 100 global communications leader that provides seamless mobility products and solutions across broadband, embedded systems and wireless networks. Seamless mobility means you can reach the people, things and information you need in your home, auto, workplace and all spaces in between. Seamless mobility harnesses the power of technology convergence and enables smarter, faster, cost-effective and flexible communication. Motorola had sales of US $31.3 billion in 2004. Today, Motorola is comprised of four businesses: Connected Home Solutions, Government & Enterprise Mobility Solutions, Mobile Devices and Networks.

JEL engages in the trading and distribution of photographic products and fast-moving consumer goods in emerging markets of Indo-China, Central Asia, certain countries/regions in Africa and Latin American. [+]

Trek 2000: UK Leads With Patent Approval For Trek's Anti-Piracy And Encrpytion Technology

This patent will cover the following areas:
Storage: The ThumbDrive® device adopted as a storage media
Anti-Piracy: Method of retrieving information securely and protecting data in the ThumbDrive® device to prevent unauthorised access, tampering and duplication
Key: The apparatus adopted to perform authentication function
Encryption: A further secure mode of data storage in the ThumbDrive® device

Unlike the standard Trek’s ThumbDrive®, the SAKE-enabled ThumbDrive® come with enhanced security features:
 • Biometric authentication access using finger print access
 • Data encryption, such that all data files stored is automatically being encrypted
 • Software-based tamper-proof algorithm is embedded inside the ThumbDrive® device. Any unauthorised tampering of the device will result in automatic deletion of all data

Simply put, with the SAKE-enabled ThumbDrive® devices, it will ensure that the data inside the ThumbDrive® device will not fall into the wrong hands should the device be stolen or misplaced. Trek 2000 International Ltd, an industry leader, innovator and patent owner of the ubiquitous ThumbDrive® (i.e. USB flash Drive) offers state-of-the-art design solutions ranging from portable storage devices, digital technology, wireless, encryption to sophisticated Enterprise solutions all catering to the fast changing digital industry. [+]

OSIM Broad-Based Growth Momentum Record Net Profit of $30.5m, +52%

In 3Q FY2005, the Group achieved strong broad-based growth across all key markets. Group revenue grew 79% to $133.5 million and net profit rose 49% to $10.4 million.

The record revenue and net profit performance reinforces the 1H growth trend and exceeds the long term growth target of 20% to 30% per year. For the first nine months of FY2005, group revenue grew 51% to $354.8 million and net profit increased 52% to $30.5 million.

The key reasons contributing to the record performance were a continuing focus on a strong OSIM brand, effective and direct control over a growing point-of-sales retail network and the introduction of new and innovative healthy lifestyle products.

OSIM is a global leader in branded healthy lifestyle products. Established in 1980, OSIM is a brand management and niche marketing company with a focus on the consumer. [+]

MMI More Than Triples 1QFY2006 Net Earnings To USD13.9 Million (SGD23.5 Million)

MMI Holdings Limited announced first quarter profit after tax growth of 251% to USD13.9 million (SGD23.5m), from USD3.9 million (SGD6.7m) in the same period last year. Revenue climbed by 24%, from USD88.3 million (SGD152m) to USD109.7 million(SGD185m). The record profit included a gain arising from the disposal of a subsidiary amounting to USD4.7million (SGD7.9m).

The Board of Directors has proposed a special dividend of SGD0.68 cent per share. Earnings per share also more than tripled, from USD0.68 cents to USD2.40 cents.

The company continued to maintain a healthy cash balance with net operating cash flow strengthening from USD10.0 million to USD22.1 million.

The disposal of a subsidiary engaged in the imaging business generated net cash flow of USD5 million, boosting the cash balance to USD38.0 million, more than doubling last year’s USD18.3 million. The Group continued to pay down its debts of USD20 million from USD24 million.

MMI is an electro-mechanical contract manufacturer providing OEM and ODM Contract manufacturing services for its strategic customers in multi-industries: data storage, photonics, communications, semi-conductor equipment, automotive and industrial automation. [+]

Delong Holdings Third Quarter Net Profit Leaps 97% To S$27.2 Million

Delong, a leading manufacturer of mid-width hot-rolled steel coils in China, announced healthy earnings for the July-September third quarter (“3Q2005”) of the 2 financial year ending 31 December 2005 (“FY2005”).

Revenue in 3Q2005 rose 9.7% to S$215.4 million from S$196.3 million in 3Q2004, as Delong continued to improve its product mix and strengthen sales of mid-width hot-rolled steel coils, which enjoy better margins and stable demand. Net profit after tax leapt by 97.3% to S$27.2 million from S$13.8 million over the comparative periods, due in part to greater cost efficiency achieved through successful technological enhancements and management efforts. Earnings per share based on a fully diluted basis increased to 2.16 Singapore cents in the nine-month period ended 30 September 2005, from 0.49 Singapore cent for the corresponding period a year earlier. Net Asset Value backing rose to 4.03 Singapore cents as at 30 September 2005, from 1.17 Singapore cents as at 31 December 2004.

Delong is a steel manufacturing and trading group headquartered in Beijing, China. Its production base is located 430km southwest of Beijing in Hebei Province, which is in proximity to raw material sources and an extensive client base encircled by the Bohai Economic Zone. [+]

AIM Group Executive Chairman & CEO Buys 4,043,000 Company Shares In Open Market Purchase

Group Executive Chairman and CEO of Advanced Integrated Manufacturing Corp. Ltd. (“AIM”), Dr Vincent Tan Kim Yong, has over two days, on 25 and 26 October 2005, increased his deemed interests in the company by 4,043,000 shares to a total of 12,610,000 shares. After these transactions, Dr Tan who is a major shareholder of AIM, holds 71.27% (including direct and deemed interest) of the total issued share capital of the company. AIM and its subsidiary companies, are an integrated EMS provider specialising in medium to high-end applications, servicing OEMs/MNCs mainly in the aerospaceavionics, medical/life and analytical sciences, electronics-data storage and semiconductor, and telecommunications-fibre optics industries. [+]

Ezra Orders Two More Deepwater AHTS

Ezra has awarded US$26 million worth of newbuilding contracts for two vessels to Pan-United Marine Ltd. The contract value excludes the cost of certain owner-furnished equipment. This latest order comprises two 78-metre multi-purpose anchor handling, towing and supply vessels (“AHTS”), each with 16,000 brake horse power (“bhp”).

They are expected to be delivered in FY2007 and FY2008. The acquisition will be funded via a combination of internal funds and bank borrowings. The vessels will join Ezra’s current orderbook of 14 new vessels to be delivered in FY2006 and FY2007, which comprises of eight other multi-purpose AHTS, five anchor handling tugs (“AHT”), and a sophisticated heavy lift accommodation pipelay vessel.

Ezra Holdings is an offshore support and marine services provider supporting the offshore oil and gas industry, mainly in South East Asia. [+]

BreadTalk's First Food Republic Food Atrium Opens In Wisma Atria

BreadTalk announced the grand opening of its 23,000 sq-ft Food Republic food atrium located at Wisma Atria’s Level 4. The food atrium at Wisma Atria is one of the first in Singapore that integrates hawker fare with mini restaurants in an integrated open dining concept, providing a kaleidoscope of savoury experiences.

Through Megabite (S) Pte Ltd, a wholly-owned unit of BreadTalk’s subsidiary Topwin, the Group had on 20 July 2005 entered into a 50:50 joint venture with the Singapore-based Ristoranti Group to own and operate the Food Republic food atrium on Level 4, as well as two other food and beverage concepts on Level 1 of Wisma Atria. The Food Republic brand name is owned by Topwin.

BreadTalk has become a distinctive Singapore brand that has gained international appeal. Renowned for the way it has revolutionised the culture of bread consumption with its visually appealing, aromatic and unique-tasting products, the Group owns and operates 23 bakery outlets in Singapore, as well as 11 outlets in Shanghai, five in Beijing and three in Shenzhen. [+]
 

Pacific Andes Proposed Listing Of Subsidiary, China Fishery Group Limited


China Fishery Group Limited, a subsidiary of Pacific Andes (Holdings) Limited has been notified by SGX on 21 October 2005 of its eligibility for admission to the Official List of the SGX-ST.

Pacific Andes (Holdings) Limited, headquartered in Asia, is primarily involved in global sourcing, the transportation and supply of frozen seafood products to the international market, as well as the provision of the shipping and agency services to suppliers’ fishing fleets. [+]

Asia Water Announces Order Book Of RMB880 Million As At 25th Oct FY2005

Asia Water Technology Ltd, a water purification and wastewater treatment specialist announced that its order book has reached a new high at RMB880 million after securing a further 28 projects to date with a contract value of RMB189 million. This represents a 142% increase in the Company’s order book from RMB363.1 million in January 2005, and bodes strongly when compared with the Company’s FY2004 revenue of RMB225.6 million.

These 28 projects, including 21 water purification treatment projects worth an estimated RMB188.5 million and 7 automation and control projects worth an estimated RMB0.5 million, are all pertaining to power plants. The contract value of these projects range from less than RMB1 million to RMB33 million, and are located in provinces and cities such as Inner Mongolia, Yunan, Zhejiang, Henan, Shandong, Fujian, Guangdong, Guizhou, Hubei, Anhui, Gansu and Suzhou. In addition to the five contracts that have already been announced, these projects are expected to be substantially completed within 18 months to 30 months from January 2005, which bring the total number of projects secured for FY2005 to 33.

With operations based in Wuhan, PRC, Asia Water Technology Ltd. is a Singapore company engaged in the procurement of equipment, design, installation and commissioning of water purification treatment systems. [+]

COSCO 300,000dwt Floating Dock In Operation

COSCO Shipyard Group had successfully commissioned a 300,000 dwt floating dock at its shipyard in Dalian, China on 22nd October 2005, one week ahead of schedule.

This is the largest floating dock in China and one of the largest docks in the world. The floating dock which measures 350m x 66m x 27m is currently servicing a large bulk carrier, the “Hebei Star”, which weighs in at 200,000dwt. COSCO Shipyard Group is the largest ship repair group in the People’s Republic of China. The Group expects to attract more VLCCs, which unload their crude at ports and refineries that dot the Chinese coast line. COSCO Corporation is a diversified group with core activities in shipping and shipping related services. [+]

Biosensors: New Clinical Data Presented At Transcatheter Cardiovascular Therapeutics 2005 Supports Use Of Biolimus A9TM And Bioresorbable Coating On New DES Platforms

On the opening day of TCT, there were five separate “live” cases broadcasted via satellite from clinical centres throughout Europe and South America where patients suffering from coronary artery disease received DES devices that incorporated Biosensors’ Biolimus A9TM drug and bioresorbable coating technology.

Active discussions were held by clinicians throughout the meeting about the potential safety and long term efficacy enhancements which may result from the use of bioresorbable coatings on DES.

Biosensors is the first to obtain human study data on bioresorbable coating technology for DES through its Future I and II trials, and subsequently in its STEALTH I trial involving its latest product, the BioMatrixTM DES.

BioMatrixTM has been submitted for CE Mark regulatory approval in April of this year, and the Company expects to receive approval to market the product in the first half of calendar 2006.

Biosensors International is a leader in the design, research, development and distribution of innovative medical equipment including special diagnostic and therapeutic cardiovascular catheters and interventional cardiology products. [+]

UTAC 3Q05 Net Profit Triples to Record US$10.5 Million

UTAC announced that its net profit rose nearly three-fold to record $10.5 million for the July-September third quarter ended 30 September 2005 “3Q05”) from $3.5 million a year earlier, propelled by strong demand of its core memory and mixed-signal business segments, and increased contribution from higher-margin test services. Net profit grew 45.0% on a sequential basis from $7.3 million.

The performance in 3Q05 marks the ninth consecutive quarter of revenue growth and profitability and sixth consecutive quarter of profit growth. Both in terms of net profit and revenue, this represents the best performance of any quarter by UTAC. UTAC is a leading independent global provider of semiconductor assembly and testing services to its customers, which comprise integrated device manufacturers (“IDMs”), fables companies and wafer foundries. [+]

WBL Corporation Limited Enters Into New Strategic Arrangements With Its Subsidiary, Multi-Fineline Electronix, Inc.

Multi-Fineline Electronix, Inc. (NASDAQ: MFLX), a leading global provider of high-quality, technologically advanced flexible printed circuit and value added component assembly solutions to the electronics industry, announced today that its majority stockholder, WBL Corporation Limited, in conjunction with a modified Stockholder Agreement, has agreed to serve as a source of expanded manufacturing facilities for M-Flex, if needed by M-Flex. Wearnes is also ready, if necessary, to provide packaging services to assist M-Flex in handling increasing demand for its products while M-Flex’s new manufacturing facilities are under construction.

In September, M-Flex announced its plans to expand by nearly 38 percent its existing 525,000 square feet of manufacturing facilities in Suzhou, China in response to strong market demand. The new facility currently is expected to begin operation in the first quarter of fiscal 2007 and at that time is expected to have the capacity to generate approximately $12 million in additional monthly net sales. The company’s current manufacturing facilities can potentially generate between $40 - $45 million in monthly net sales. M-Flex estimates total expenditures for this expanded capacity in China to be approximately $28.5 million. [+]

StarHub 3Q05 Results - Press Release

StarHub Ltd reported a net profit of S$148.1 million for the nine months ended 30 September 2005. This compares favourably to a net loss of S$48 million in the prior year’s corresponding period. The Group’s operating revenue is S$1.16 billion, up 16% from a year ago. For the third quarter ended 30 September 2005, StarHub’s net profit totalled S$65.1 million, compared to a net loss of S$1.4 million in 3Q last year. Operating revenue for the quarter grew 17% to S$398.3 million, versus S$339.6 million in 2004.

As a result of broad-based strength across the Group’s business portfolio, year-to-date EBITDA grew by a robust 46% to reach S$342.7 million while EBITDA margin as a percentage of service revenue grew seven percentage points from 24.7% to 31.4%. For the quarter ended 30 September 2005, EBITDA grew 40% to S$128.1 million from S$91.6 million previously, while EBITDA margin as a percentage of service revenue expanded from 28% in 3Q 2004 to a new high of 34% for the latest quarter.

For the quarter ended 30 September 2005, earnings per share on a fully diluted basis were 3.03 Singapore cents, up from a negative 0.07 Singapore cents reported in the prior year.

StarHub is a Singapore-based info-communications company providing a full range of information, communications and entertainment services over fixed, mobile and Internet platforms. [+]

Boustead Subsidiary Salcon Secures International Contracts Totalling S$11 Million

The contracts involve the design, process engineering and construction of industrial water and wastewater treatment plants. Some details are outlined below:

 • A two-stage reverse osmosis plant with a capacity of 4,000 cubic meters per day for Saudi Aramco’s Hawiyah Project in Saudi Arabia;
 • A demineralisation plant for BP Berau’s Tangguh LNG Project in Indonesia;
 • A reverse osmosis plant in Iraq; and
 • A demineralisation plant for the manufacturing centre of one of Pakistan’s largest packaging materials companies.
Deserving special mention is the fact that Salcon secured the contract to design and construct the reverse osmosis plant for the Hawiyah Project against strong global competition. The Hawiyah Project is an award-winning project which is currently being expanded to produce 3.8 billion cubic feet of gas per day for Saudi Aramco, the world’s largest oil & gas producer.

Boustead has transformed itself from a trading entity into a progressive global Engineering Services & Geo-Spatial Technology Group, under the current management team, led by Chairman & Group CEO, Mr Wong Fong Fui. [+]

SP Chemicals Acquisition Of Anhui Huatai Chemical Industries Co., Ltd.

Huatai is primarily engaged in the manufacturing of basic chemicals, such as nitric acid and liquid ammonia. As a substantial shareholder of Huatai, SP Taixing will also have a significant influence on Huatai to provide a stable supply of nitric acid for the Company’s production of aniline. The consideration of RMB 15 million for the Acquisition was based on the audited net tangible assets of Huatai as at 31 December 2004. The Acquisition is funded from the Group's internal resources and is not expected to have a material impact on the earnings per share and net tangible assets per share of the Group for the current year. SP Chemicals is a major chemical producer in Jiangsu province, the People's Republic of China (PRC). [+]

Darco Water's Contracts To-Date Exceed Its FY2004 Engineered Environmental Systems Sales

Subsidiaries of SGX Sesdaq-listed Darco Water Technologies Limited have chalked up a cumulative total of almost S$40 million in contracts so far this year, after they secured 13 new environment-related contracts worth S$9.3 million in aggregate in the last two months. The 13 new contracts in Singapore, Malaysia, Taiwan and China are for the design, fabrication, delivery and commissioning of pure water and waste treatment plants, as well as for solids and air management. Their diverse nature reflects Darco’s broad-based capability in Environmental Engineering. Darco is a provider of integrated engineering and knowledge-based water treatment and environmental engineering solutions. [+]

Ace Achieve’s Order Book Stands At Record RMB 153.0 Million

All four of the Group’s divisions secure strong orders and contributed to the stellar performance. Barring unforeseen circumstances, the Group expects at least 70% of the current order book to be fulfilled within this calendar year. The Group had previously announced on 22nd September 2005 that it was awarded its first ever order from China Mobile to install a total of 115 GSM repeaters in the provinces of Hebei, Shandong and Inner Mongolia. The Group is pleased to update that the value of the order has been finalized as RMB 12.8 million and comprises part of the current order book. The Group is currently in its busiest quarter of the calendar year as the Chinese telcos seek to complete the projects on hand as well as to embark on essential systems upgrades and installations. Ace Achieve Infocom Limited (“Ace Achieve”) is a provider of telecommunication solutions and products in the PRC. [+]


CEOís Walk The Talk

".. With the completion of the strategic acquisition of Brookstone Inc., the Group has achieved a significant deepening of its healthy lifestyle business as well as a broadening of its key markets. It is a major step towards building a global brand. The acquisition will provide a firm foundation for our long term growth..."
Mr Ron Sim
Founder and Chief Executive Officer of OSIM


Highlighted Company

United Test and Assembly Center Ltd ("UTAC") is a leading independent provider of test and assembly services for a wide range of semiconductor devices that include memory, mixed-signal/RF and logic integrated circuits. UTAC was ranked as the 8th largest independent provider of semiconductor test in 2004 by Gartner Dataquest.

We offer full turnkey services that include wafer sort / laser repair, assembly, test, burn-in, mark-scan-pack and drop shipment, as well as value added services such as package design and simulation, test solutions development and device characterization, failure analysis, and full reliability test. The Company's manufacturing facility in Singapore is certified under ISO 9001, QS 9000, ISO 14001 and SAC Level II quality systems.

Our customers comprise integrated device manufacturers, fabless companies and wafer foundries that design and manufacture semiconductors that power modern electronic devices. Our expertise in both memory and non-memory (mixed-signal/RF and logic) semiconductor devices allow us to provide wide ranging solutions such as multi-chip packages that integrate memory and non-memory die. For the non-memory segment, our "BM/W" strategy focuses on further strengthening our capabilities in the faster growing Broadband and Mobile/ Wireless communications sectors.

UTAC was founded in Nov 97 and began full operations in January 1999. The Company is headquartered in Singapore. Our manufacturing facilities in Singapore and Shanghai, China are supported by a global sales network in Singapore, China, the United States, Italy and Japan. We employ about 2,500 people as at March 2005.
































Historical Price Data
 Date Open High Low Close
Volume  
 28 Oct 2005 0.600 0.615 0.600 0.605
4,263,000  
 27 Oct 2005 0.625 0.630 0.605 0.605
15,019,000  
 26 Oct 2005 0.620 0.620 0.595 0.605
11,199,000  
 25 Oct 2005 0.635 0.635 0.620 0.620
7,884,000  
 24 Oct 2005 0.615 0.625 0.610 0.625
12,165,000  

Fundamentals
EPS ($) *
0.01527
NAV ($) **
0.5578
Dividend ($) ****
-
PE
39.948
Price / NAV **
1.094
Dividend Yield (%) ****
-
Market Cap (M)
915.306
Par Value ($)
USD 0.150
Issued & Paid-up Shares ***
1,500,501,000
52 Weeks High
0.745
52 Weeks Low
0.440
 
* Based on latest Full Year Results Announcement
** Based on latest Results Announcement (Full Year, Half Year or Interim)
*** Rounded to the nearest thousand. Updated on 26/10/2005. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

Newsroom
26 Oct 2005 UTAC 3Q05 Net Profit Triples To Record US$10.5 Million
10 Oct 2005 UTAC Starts Turnkey Production For Korean MP3 Chip Maker Telechips
04 Oct 2005 Nepes Corp And UTAC To Invest US$30 Million In First 12-Inch Wafer Bumping Facility In Singapore
26 Jul 2005 UTAC 2Q05 Net Profit Surges 164% To $7.3 Million On Full Contribution From UTAC Taiwan And Higher Margins
01 Jun 2005 UTAC Starts Full Turnkey Production For Infineon's 512Mb DDR2 SDRAM



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