19 December 2005      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
 Gen Int
456,087 
 SingPost
137,301 
 UniFiber
102,668 
 Biosensors
84,504 
 Sing Tel
68,316 
Weekly movement as at 16 December 2005
WEEK'S TOP GAINER
 Name
Price  
Chg 
 CMProp 100 HK$
7.000 
+1.200
 JMH 400US$
17.300 
+0.600
 DBS Bk 6% NCPS 10
108.200 
+0.400
 OUE
10.300 
+0.400
 Creative 50
13.700 
+0.300
Weekly movement as at 16 December 2005

 
HEADLINES FOR THE WEEK
Keppel Land: Tie Up With Suntec And Harrah In IR Bid
Singtel:
Sells 95 Million SingPost Shares For $105.2 Million
Ascott: Acquired Remaining 70% Stake Of Ascott Beijing
From GIC
Frontline: Wins $6 Million Govt Firewall Deal From IDA
MediaRing: Acquires PT Atlasat Solusindo, A Indon VoIP Firm
SembCorp: Utilities Clinched CNG Supply Deal With
Smart Automobile


APB: Sets Up Subsidiary In Vietnam
Khong Guan: 1H Net Profit Quadrupled To $1.93 Million
ST Engg: Aerospace Unit Buys 67% Of SAS Component For
80.4 Million Euros
Roly: Q2 Net Profit Up 52% To US$6.4 Million
Keppel: Offshore & Marine Unit Ramps Up Philippine Yard Capacity
OCBC: Took 10% Stake In China’s Ningbo Commercial Bank For
200 Million Yuan
 
HOT Off The Press

Major Contracts Clinched By Cityneon

Cityneon has been awarded the official contractorship for Asean Tourism Forum 2006 and Asian Aerospace 2006.

In addition, Cityneon has won a three-year contract awarded by White Feathers Industries (M) Sdn Bhd – an international manufacturer for high-end furniture, for their annual participation in IMM Cologne.

Cityneon will also be working on 2 pavilions in 2 separate shows, namely 2006 International Consumer Electronics Show (CES) and BIO 2006 Annual International Convention.

Cityneon Holdings Limited is a Singapore-based provider of exhibition and event management services serving the needs of international exhibitions, trade shows, conferences or events from our operations in Singapore, the Middle East, Malaysia and the PRC. [+]

Autron Corporation Limited Announced New
US$20 Million Equipment Management
Facility Agreement With Hangzhou Eastcom
Cellular Phone Co. Ltd.

Autron will continue to be the main provider of SMT equipment to HECP for the next three years ending November 2008, providing preventive maintenance services and assistance in the management of HECP’s spare parts hub as well as disposal or upgrading of certain old equipment.

Autron is a leading total solutions provider of assembly equipment and services to the electronics industry. [+]

Asia Water Technology Ltd. Results Of
Warrants Issue

Regal Capital, a substantial Shareholder, has subscribed for 4,342,975 Warrants and procured subscriptions for 1,861,275 Warrants.

Maxgain, a substantial Shareholder, has subscribed for 2,961,140 Warrants and procured subscriptions for 1,269,060 Warrants.

The Company has raised net proceeds of approximately S$1,209,887 from the Warrants Issue. The Company will be utilizing the net proceeds from the Warrants Issue as working capital for the Group.

Asia Water Technology Limited is a water treatment specialist company, offering total engineering solutions for both water purification and wastewater treatments systems. [+]

ASL Marine Secures Additional Shipbuilding Contracts Worth S$40.0 Million

Wholly-owned subsidiary, ASL Shipyard Pte Ltd has secured an additional S$40.0 million worth of shipbuilding contracts.

Along with the S$31.1 million worth of shipbuilding contracts announced on 20 October 2005, the total value of the shipbuilding contracts secured within the past two months has increased to S$71.1 million.

Subsequent to its financial year ended 30 June 2005, ASL Marine has since secured S$112 million shipbuilding contracts, over and above its order book of S$231 million as at 30 June 2005.

The latest contracts are for the construction of 7 new vessels to be delivered to various customers in Europe. Of these, 3 work barges are expected to be completed by 30 June 2006 and 4 rotor tugs are expected to be ready by 30 June 2008.

ASL Marine is principally engaged in shipbuilding, shiprepair & ship chartering and other marine related services, catering to customers from Asia Pacific, South Asia, the Middle East and Europe. [+]

Petra Foods Increases Stake In Petra Sime Marketing To 100%

Petra Sime currently distributes healthcare products and wines & spirits to retail outlets and other institutions in Singapore. The Group believes that integrating its branded consumer distribution business with Petra Sime’s current distribution network will further enhance Petra Foods’ position in the Singapore market.

Petra Food is one of the world’s major
manufacturers and suppliers for cocoa ingredients, namely cocoa powder, cocoa butter and cocoa liquor. [+]

Fu Yu Sale And Leasback Of Property At 2
Serangoon North Avenue 5 Singapore
554911

The Proposed Sale will enable the Company to improve its cashflow position as it is intended that the estimated net proceeds of S$40 million, after taking into account the estimated expenses and income tax to be incurred in connection with the Proposed Sale, be applied towards the repayment of bank borrowings taken for investments by the Company in the recent years. The redemption of bank borrowings will improve the debt to equity ratio of the Group (as at 30 September 2005) from approximately 19% to 6%.

The Proposed Sale allows the Company to realize a significant after tax profit of approximately S$15 million.

The Leaseback will enable the Company to continue using the Property for its existing operations.

Fu Yu Corporation Limited is one of the largest manufacturers and suppliers of high-precision injection moulds and plastic parts in Asia. [+]

KS Energy To Provide Cranes Totaling
US$3M To Persian Gulf Based Company

KS Energy has secured a contract to provide three pairs of cranes to a Persian Gulf based oil & gas company. The total value of the Contract is approximately US$3.0 million comprising equipment, parts, commissioning, transportation, set up and project management. The cranes have lifting capabilities ranging from 55 tons to 130 tons and will be deployed to lift heavy objects in support of land-based drilling rigs.

KS Energy is an energy services group catering to the oil & gas and petrochemical industries around the world. [+]

 
AsiaPharm To Launch New Proprietary Drug XiMingTing® Tablet In 1Q2006

Wholly-owned subsidiary, Shandong Luye Pharmaceutical Co., Ltd has been awarded the sole rights for two patents, the manufacturing certificate and the New Drug Approval for its new natural drug, XiMingTing® Tablet, by the State Food and Drug Administration of the PRC.

Clinical trials showed that XiMingTing® Tablet is safe and highly absorbable as an oral formulation, and has also been proven effective in the treatment of menopausal symptoms including hot flashes, night sweats, mood swings, irritability, and insomnia.

AsiaPharm Group Ltd. is a leading specialty pharmaceutical group in the PRC, which focuses on the research, development, production and sale of natural drugs and chemical drugs. [+]

SGX-Listed MultiVision To Hold SGM On 30
December 2005 On Proposed Disposal Of Networked Video Security Business

• Shareholders to vote on proposed disposal of MultiVision’s entire stake in MultiVision Holdings Limited

• MultiVision intends to declare a significant amount of the proceeds as a special dividend

• MultiVision intends to increase its shareholding in China-Vision and Sino Gear Force; Directors optimistic of outlook

• MultiVision to remain listed on SGX Main Board

MultiVision is a technology-based company principally engaged in the design, development and distribution of digital video surveillance products and solutions for customers across the globe. [+]

Tat Hong’s Australian Subsidiary, Tutt Bryant, Receives Strong Demand For Initial Public Offer

Tutt Bryant Group Limited is one of the largest crawler crane hire fleets in Australia and one of the leading multifranchised distributors of construction equipment and cranes in Australia, with a long corporate history dating back to 1938.

TBG’s offer gathered strong interests from both retail and institutional investors, with more than 1,343 shareholders investing in its IPO. TBG’s prospectus issue price was A$1 per share and it represents a Price/Earnings ratio of 9.0 times.

TBG intends to use the net proceeds of approximately A$25.9 million to be raised from the Invitation for the following purposes:

• approximately A$10.0 million for repayment of loans to parent company group (Tat Hong Holdings Ltd and subsidiaries)

• approximately A$13.4 million for repayment of bank loans

• approximately A$2.5 million allocated for offer costs

Tat Hong is the largest crane company in the world (in terms of quantity of crawler cranes) and serves a diversified range of industries such as infrastructure, oil & gas, pharmaceutical and construction. [+]

Boustead Disposal Of Investment In Salcon Power Corporation

KEPCO Philippines Corporation, JAD Holdings, Inc. and Intrepid Holdings, Inc. will purchase Boustead’s 39.3% shareholding interest in Salcon Power Corporation for a consideration of 1,058,584,260.60 Pesos

The sale consideration of approximately S$32.8 million represents a price earnings ratio of approximately 11x, based on Salcon Power Corporation’s net profit for the financial year ended 31 March 2005. This compares favourably to the concession period of Salcon Power Corporation’s main asset, the Naga Power Complex, which will expire in seven years time.

The proceeds from the disposal will be utilised to reduce bank borrowing and as working capital. The Group is expected to record a gain of S$1.7 million from the disposal of the Sale Shares.

Boustead is a progressive global Engineering Services & Geo-Spatial Technology Group. [+]

Asia Water Additional Investment In A Subsidiary

Asia Water Technology Ltd. has made an additional investment of approximately RMB 85.8 million in the Company’s subsidiary, Wuhan Kaidi Water Services Co., Ltd. The effective equity interest held by the Company in Wuhan Kaidi was 90.4% and will remain unchanged after the investment. Following the Capital Injection, the registered capital of Wuhan Kaidi will increase from RMB 25.04 million to RMB 120.0 million.

The Capital Injection would be by way of a one-off cash injection of approximately RMB 66.9 million, as well as capitalisation of Retained Earnings of Wuhan Kaidi of approximately RMB 18.9 million.

The rationale for the substantial further injection is to increase the registered share capital of Wuhan Kaidi for the purpose of qualifying for tendering of new projects.

Asia Water Technology Limited is a water treatment specialist company, offering total engineering solutions for both water purification and wastewater treatments systems. [+]





CEO's Walk The Talk

"..We are clearly excited about bringing Petra Sime into the Group as a wholly owned subsidiary, as it offers economies of scale and a larger market..."
Mr. John Chuang
Chief Executive Officer
Petra Foods Limited.



Highlighted Company

Asia Water Technology Ltd. ("We", the "Company" or "Asia Water") is a water treatment specialist company, offering total engineering solutions for both water purification and wastewater treatment systems. Asia Water has also invested in a Build-Operate-Transfer ("BOT") project for a wastewater treatment plant. Working primarily with clients in the power generation and municipal wastewater treatment industries, we are dedicated to the protection of the environment and the conservation of China’s precious water resources.

The Company conducts its business primarily in Wuhan in the People’s Republic of China) through its subsidiary, Wuhan Kaidi Water Services Co., Ltd. ("Wuhan Kaidi Water") which was incorporated in 1996. Located in Wuhan, the PRC, Wuhan Kaidi Water provides water purification treatment and wastewater treatment systems through our close working relationships with international partners in the water treatment arena to ensure that the needs of municipals and industries for purified water are met.

In June 2004, together with three other partners, Asia Water incorporated an associated company which has obtained a licence to build and operate a municipal wastewater treatment plant in the west of Han Kou within the Hubei Province (the "Hanxi Project"). The aggregate proposed investment value is approximately RMB 463 million of which we hold a shareholding interest of 43%. Upon the completion of construction of the water treatment plant, the wastewater treatment plant is expected to serve an estimated population of 600,000, as well as treat up to 400,000 tonnes of water daily. We expect to benefit from the future income stream of Hanxi Project, which will be derived from the collection of water tariffs.

China’s huge appetite for electricity and the increasing need to treat wastewater to curb its water shortages are favorable opportunities for Asia Water’s expansion. With scalable core technologies that can be further extended into a number of related industries including seawater discilination, Asia Water is well positioned to ride the wave of growth.































Historical Price Data
 Date Open High Low Close
Volume  
 16 Dec 2005 0.390 0.390 0.390 0.390
50,000
 15 Dec 2005 0.385 0.390 0.385 0.390
163,000
 14 Dec 2005 0.385 0.385 0.380 0.380
65,000
 13 Dec 2005 0.375 0.380 0.375 0.380
50,000
 12 Dec 2005 0.385 0.385 0.385 0.385
5,000

Fundamentals
EPS ($) *
0.03696
NAV ($) **
0.1375
Dividend ($) ****
0.025000
PE
10.552
Price / NAV **
2.836
Dividend Yield (%) ****
6.410
Market Cap (M)
51.866
Par Value ($)
SGD 0.060
Issued & Paid-up Shares ***
132,989,000
52 Weeks High
0.485
52 Weeks Low
0.250
 
* 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 04/08/2005. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

Newsroom
16 Dec 2005 Addition Investment In A Subsidiary
14 Dec 2005 Proposed Renounceable And Underwritten Rights Issue Of Warrants – Results Of Warrants Issue
24 Nov 2005 Proposed Renounceable And Underwritten Rights Issue Of Warrants – Despatch Of Offer Information Statement
23 Nov 2005 Proposed Renounceable And Underwritten Rights Issue Of Warrants – Lodgment Of Offer Information Statement With The Monetary Authority Of Singapore
07 Nov 2005 Proposed Renounceable And Underwritten Rights Issue of Warrants - Notice Of Books Closure Date



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