7 November 2005      
Volume `000 
 Sing Tel
 China Sun
Weekly movement as at 4 November 2005
 Shang Asia 2kHK$
 " STI ETF 100
Weekly movement as at 4 November 2005

NOL: 3Q 05 Profit Rose 6% To US$248.6 Million.
SingTel: Remains Keen On Pakistani Investment.
Temasek: JV With Cargill To Buy 5 Palm Oil Plantation.
Mandarin: Plans Las Vegas Hotel With MGM Mirage.
Temasek: CEO Ho Ching 7th On WSJ’s "Top 50 Women" List.
Boardroom: 1Q 05 Profit Rose 109.7% To $2 Million.
ST Eng: ST Aerospace Won US$9 Million China United
Airlines Contract.

Temasek: CEO Ho Ching 11th On Fortune’s "Most Powerful
Business Women" List.
Stats ChiPAC: To Open Gold Bumping Operation In China,
Courts: Participate In The Pilot Warehouse Retail Scheme.
CK Tangs: Rings In H1 Profits Of $1.6 Million.
PacNet: To Buy Australian Firm, T3 Communication Partners
For A$5 Million.
HOT Off The Press

Memory Devices offers 177,884,000 shares at S$0.205 each on SGX Main Board

Memory Devices and its Executive Chairman and Chief Executive Officer, Messrs Lim Yu-Hsin and Chen Bin-Tsong respectively will offer 177,884,000 shares, of which 13,000,000 have been earmarked for public subscription. The placement tranche of 164,884,000 shares includes 500,000 Internet Placement Shares that will be offered through Westcomb Securities’ IPO website, www.ePublicOffer.com. There are 118,600,000 New Shares and 59,284,000 Vendor Shares in Memory Devices’ IPO.

Memory Devices is offering its shares at a price earnings ratio of 6.57 times based on the Group’s audited net earnings per share for the financial year ended 31 December 2004. The IPO opens on 28 October 2005 and closes at noon on 7 November 2005. Trading of Memory Devices’ shares, in board lots of 1,000 shares each, is expected to commence on 9 November 2005.

The Directors intend, subject to various factors stated in the prospectus, to recommend and distribute not less than 50% of the net distributable profits as dividends for FY2005.

Memory Devices Group was established in 2001 and is principally engaged in the research and development (R&D), manufacture and sale of solid state memory storage products, namely DRAM memory modules and Flash memory products, for use in personal computers, notebooks, servers and networks as well as a wide array of consumer electronics, industrial and communications applications. [+]

FibreChem’s 3Q Net Profit Grows 42% To Hit HK$37.9 Million

For the first nine months of 2005, the net profit after tax improved 76.5% from the previous corresponding period to reach HK$134.1 million.

Sales for 3Q05 rose 51.5% to HK$201.8 million compared to the same period last year. However, when compared to 2Q05, turnover declined by about 8% due to the shutting down of the 37,000 tonne polyester and polyester differential lines in its Quanzhou Honglin plant for refurbishment over a period of 40 days. This was in line with the Group’s objective of concentrating on higher value and higher margin products as the facilities were upgraded to produce a new "core-sheath" nylon-polyester bi-component long fibre product. This upgrade was completed in August this year and the product has been successfully launched.

Revenue rose 75.3% in the nine months ended 30 September 2005 to HK$600.3 million from HK$342.4 million. The strong revenue growth was driven by two product lines that was commissioned in December 2004, which have the capacity to produce 20,000 tonnes of higher value differential nylon-polyester bicomponent fibre. Overall production for the nine-month period rose by approximately 37.9% as compared to the same period last year.

Gross profit for 3Q05 grew 48.7% to reach HK69.3 million and for the nine months ended 30 September 2005 gross profit also saw an improvement by 63.5% to approximately HK$203.3 million, compared to HK$124.3 million in the corresponding period last year.

FibreChem is a chemical fibre manufacturer in the Fujian Province of the PRC. [+]

PEARL Secures Rig For Jasmine
Development Drilling For Platforms B And C

PEARL has secured the tender assist rig MTR-2 from Mermaid Maritime Limited for the development drilling program associated with the installation of two additional production platforms on the Jasmine oil field. The MTR-11 is the same rig that PEARL used to drill the successful development wells for the existing production platform ("Platform A") in March and April 2005. The development drilling program is slated to begin late in the fourth quarter of 2006 and to be completed in the second quarter of 2007.

PEARL is a Singapore-based oil and gas company engaged in the exploration, discovery, development and production of oil and gas exclusively in Southeast Asia. [+]

Creative Master New Product Release:
hkbus 2006 MAGICBUS

"LOW FARES" and "GREAT VALUE" are the slogans of the MagicBus service operated by Stagecoach. Creative Master Northcord Limited is proud to release the first MagicBus livery on its well-known 11-metre, triaxle Leyland Olympian / Alexander R-type coach model.

The model represents Stagecoach Manchester 13642 (H625 LNA) in MagicBus livery that formerly operated with Citybus in Hong Kong as its 116 (EF 8850). This coach features the gasket glazing that was fitted to the first twelve 11m coaches that Citybus bought.

Once again, this is a one-piece casting whose clean lines accentuate the windows and livery application. The model has no ugly metal poles to hold it together.

The hkbus 2006 model is limited to 1600 pieces worldwide. They will be distributed by John Ayrey Die-Casts Limited (UK), Concorde Hobby Shop (HK) and Porte Publishing Company (Japan).

Creative Master engages in the contract manufacturing of die-cast collectibles. [+]

Oculus Launches Miss FreshKon Singapore 2006

Miss FreshKon® Singapore 2006, is a new annual marketing program targeting ladies with beautiful eyes, photogenic looks and great personalities. The competition is now open to eligible participants and a finalist will be crowned Miss FreshKon® Singapore 2006 in early December.

Miss FreshKon® Singapore 2006 is another innovative marketing program of Oculus to fuel the expansion of the color lens market, increase interest in FreshKon® color products and develop FreshKon® into an exciting brand. Oculus is supporting this marketing program with targeted print media, MTV-style point of purchase flyers and its recently launched www.freshkon.com website.

Oculus also reported that its recent participation in Silmo, International Trade Show of Optics/Eyewear and Equipment for Opticians held in Paris in late October has generated new business leads that are expected to expand Oculus’s customer base and revenue. Silmo is one of the largest trade shows for the global optical industry.

Oculus Limited is focused on the innovation, manufacture and marketing of color lenses. [+]

Sunningdale Tech Records 44.5% Increase In Turnover To $115.7 Million In 1Q06

During the last financial year, the Group set up several new plants and expanded its overall capacity in China and Malaysia to fulfill customers’ orders. Growth was broad based across all 4 business segments – Automotive, Telecommunication, Consumer / IT and Medical.

The Group saw strong growth from its automotive business with 17 new programs coming on stream in its Shanghai plant. In the telecommunication segment, the Group expanded its plants in Malaysia to meet growing demand for its keypads and its new factory in Tianjin saw increased output of plastic casings for a leading handset manufacturer. Its new inkjet cartridge molding and assembly operations grew rapidly as more lines were added to support customer’s demand.

Sunningdale Tech Ltd is a global integrated precision plastic component supplier providing a wide spectrum of capabilities ranging from product design, precision tooling and precision moulding to finishing processes and assembly. [+]

Zhonghui’s Rescheduled Hua Yin Project To Commence In Nov 2005

Wholly owned subsidiary, Shaanxi Zhonghui Environmental Conservation Co., Ltd. Will commence work on the Hua Yin project located in Shaanxi Province, the PRC, in November 2005. The Hua Yin project has a treatment capacity of 200 tons of waste per day and a contract value of RMB 36.8 million.

As at June 30, 2005, the outstanding contract value for the Company’s four ongoing projects, which include the re-scheduled Han Zhong project that has commenced work in July 2005, amounted to RMB 63.5 million. Moreover, the Company has recently announced a RMB 33.0 million project secured from Shaanxi Zhongxing Bai Lu Environmental Conservation Co., Ltd., to provide a modular system for power generation for a waste treatment plant in Shaanxi Province.

All these projects are expected to contribute positively to the Company’s full year revenue for the financial year ending December 31, 2005.

Zhonghui is a leading one-stop integrated solid waste management systems solutions provider in the PRC. [+]

TeleChoice Continues To Grow Its Strong Cash Balances To $45.2 Million In 3Q05

Group revenue increased by $22.8M or 18% to $150.6M in 3Q05, from $127.8M in 3Q04. Group Gross Profit increased 15% to $11.7M from $10.2M while PBT declined $1.9M to $3.6M compared to $5.5M for the same corresponding financial period.

The Group continues to generate healthy cash flow from operating activities, which amounted to $9.4M in 3Q05. As of 30 September 2005, the Group maintained strong cash balances of $45.2M, after paying interim dividend amounting to $8.9 million for 1H05.

TeleChoice will leverage on its strong cash position to grow its businesses and finance suitable acquisitions in new and existing markets. The Group is also committed to maximise returns for all shareholders through annual dividend payment. The Group paid an interim dividend of $8.9M in September 2005. No dividend was declared for 3Q05.

TeleChoice International Limited is a leading regional provider of mobile telecommunications equipment and solutions. [+]

Midas Secures Maiden Conract To Supply Aluminium Transport Beams To The
Shipbuilding Industry

Jilin Midas Aluminium Industries Co., Ltd has secured two MRT contracts and its first shipbuilding industry contract, marking its entry into a new segment of the infrastructure and transport industries.

The shipbuilding contract value at RMB1.4 million is awarded by Empire Resources Pacific Ltd, a subsidiary of Empire Resources Inc, USA, a US-listed company. Under the terms of the contract, Midas will supply aluminium transport beams which will be delivered in 2005.

The two MRT contracts which are to be delivered in 2006 and 2007 are the Shanghai MRT Line 1 Extension Project and the Shanghai Yangpu MRT Line Phase 1.

The Shanghai MRT Line 1 Extension Project, valued at RMB16.9 million is commissioned by Siemens International Trading Ltd., Shangha. This is the first contract signed between the two companies after Midas obtained the "preferred supplier" status from Siemens in October this year.

The Shanghai Yangpu MRT Line Phase 1, valued at RMB13.5 million is with Shanghai ALSTOM Transport Co Ltd, a joint venture between Shanghai Electric Corporation Ltd and ALSTOM Transport SA.

Midas is a leading manufacturer of aluminium alloy extrusion products and PE pipes, primarily for the transportation and infrastructure sectors in the PRC. [+]

Creative Master New Product Release: ukbus 3019 Plymouth Citybus

Plymouth Citybus MPD 205 was introduced into the fleet in 2003, specifically for use on the route 25A & 25B Park and Ride services that the Company provided on behalf of Plymouth City Council.

These routes linked the Park and Ride site at Milehouse with the Railway Station, City Centre and the historic Barbican and Hoe areas, all of which attract large numbers of visitors from around the world. These vehicles carried route branding and were painted in a dedicated livery of green and yellow in order to emphasis their importance to the public transport scene in the City.

ukbus 3019 a one-piece casting whose clean lines accentuate the gasket windows and livery application on which all logos and lettering are clearly legible. The model also features excellent detailing, inside and out, including an opening engine door, showing the detailed, environmentally friendly Euro 3 engine. All grab rails feature inside the replica and in their correct positions. The construction method of this replica permits realistic-looking front and rear lights – in particular the front headlamp / indicator assembly whose headlamp is transparent and indicator is translucent.

The brand new ukbus 3019 Plymouth Citybus MPD bus models are limited to 1700 pieces produced. It will be distributed by John Ayrey Die- Casts Limited (UK), Porte Publishing Company (Japan) and Concorde Hobby Shop (HK) respectively.

Creative Master engages in the contract manufacturing of die-cast collectibles. [+]

Sunningdale Tech Enters into JV to Provide Automotive Design Service

Sunningdale Tech Ltd has signed a joint venture agreement with the controlling shareholders of Shanghai Shuangjie Technology Co., Ltd. for the setting up of a joint venture company to provide design services to the automotive industry.

Shuangjie is an automotive design company incorporated in the People’s Republic of China and is involved in the design of passenger and commercial vehicles and components. Shuangjie’s design capabilities commence from the conceptualization stage to detailed drawings and construction of actual-size models at the final stage.

Through the joint venture, Sunningdale Tech will gain immediate access to Shuangjie’s capabilities and therefore assist Sunningdale Tech in the design of automotive plastic components. It will strengthen the Sunningdale Tech’s position as a preferred vendor and enable it to tap the growing opportunities in the outsourcing of automotive design services.

Sunningdale Tech Ltd is a global integrated precision plastic component supplier providing a wide spectrum of capabilities ranging from product design, precision tooling and precision moulding to finishing processes and assembly. [+]

CEO’s Walk The Talk

".. We are delighted to have secured this initial contract with Empire Resources. Although the contract value is small, it marks our entry into a new segment of industry. It also creates new revenue streams for us to continue our growth..."
Mr Patrick Chew
CEO of Midas Holdings Limited

Highlighted Company

We are principally engaged in the manufacture and sale of polyester fibre and polyester differential fibre products through our wholly owned subsidiary, Quanzhou Honglin. Polyester differential fibre is a new strain of polyester fibre, which is produced by processing polyester chips through a series of chemical, physical and technological treatments. It possesses characteristics that are akin to cotton, silk, wool and suede, and is used in the manufacture of a variety of fabrics and apparel. Polyester fibre products belong to the synthetic fibre products category, which in turn, is a subset of chemical fibre products.

We place great emphasis on research and development, constantly looking into developing new products and process technologies to keep at the forefront of the industry. This has enabled our group to enhance the production processes and facilities to augment our product range, improve the quality of our products and boost our technological capabilities.

The demand for chemical fibres has increased as they possess properties that are able to overcome the limitations of natural fibres. Chemical fibres are widely used in the manufacture of a wide range of high-end apparel.

Our Group’s business started in 1995 when our Executive Chairman, Mr James Zhang, recognised the business opportunity in the growing textile business in the PRC. But mindful of the numerous fabric and textile manufacturers already in the PRC, Mr Zhang decided instead to invest upstream in the chemical fibre manufacturing business.

Our major customers are yarn and textile manufacturers based in Fujian Province, PRC, where all of our operations are located as well. Our products are marketed under our "泓霖 (Honglin)" brand, which has gained market recognition for quality chemical fibre products in Fujian Province. Testimony to this is our group’s receipt of awards for some of our polyester fibre products from state-owned organisations.

Historical Price Data
 Date Open High Low Close
 04 Nov 2005 0.625 0.630 0.620 0.630
 02 Nov 2005 0.620 0.630 0.620 0.625
 31 Oct 2005 0.615 0.620 0.615 0.620
 28 Oct 2005 0.605 0.610 0.600 0.605
 27 Oct 2005 0.630 0.630 0.600 0.600

EPS ($) *
NAV ($) **
Dividend ($) ****
Price / NAV **
Dividend Yield (%) ****
Market Cap (M)
Par Value ($)
HKD 0.010
Issued & Paid-up Shares ***
52 Weeks High
52 Weeks Low
* 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 01/11/2005. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

01 Nov 2005 Third Quarter Financial Statement And Dividend Announcement
01 Nov 2005 Press Release
14 Oct 2005 Resignation Of Director And Chief Administrative Officer
01 Sep 2005 Use Of Proceeds Of An Issue Of 60,000,000 New Redeemable Non-Cumulative Convertible Preference Shares Of HK$0.01 Par Value Each
01 Aug 2005 Press Release - FibreChem First Half Earnings Rose 95.2% To HK$ 96.2 Million

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