01 February 2006      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
 GlobalVoice
178,560 
 UTAC
118,730 
 Sing Tel
114,027 
 Chartered
108,587 
 Sunray
92,749 
Weekly movement as at 27 January 2006
WEEK'S TOP GAINER
 Name
Price  
Chg 
 SIA
14.200 
+1.200
 F&N
18.800 
+1.100
 SIA 200
14.100 
+1.000
 SIA JP eCW060220
2.510 
+0.600
 Venture
13.400 
+0.600
Weekly movement as at 27 January 2006

 
HEADLINES FOR THE WEEK
Banyan Tree: Seeking US$200 Million IPO By 1H 06
SPC: SRC Appoints James Er As New CEO and GM
PSA: P&O Agrees To S$10.7 Billion Bid Price
SMRT: Q3 Profit Rose 25.8% To $30 Million
Keppel T&T: Post 6.5% Rise In FY05 Net Profit To $38.96 Million
KepLand: Post 37.6% Rise In FY05 Net Profit To $55.5 Million
NOL: Volume In Container Business Rose 11% In 2005 To
1.95 Million


SPC: Post 60% Rise In FY05 Net Profit To $404 Million
Amtek: Amtek Q2 Net Profit Up 5 Fold To US$5.27 Million
Stats ChipPac: Turns Around With US$16.9 Million Q4 Net Profit
Keppel: Posts Record FY05 Profit Of $564 Million
Chartered: Turnaround With US$26.5 Million Q4 Profit
SingPost: Posts 17.4% Rise In Q3 Net Profit To $32.96 Million
BH Global: Acquires Yorkshire Marine & Offshore In China For
S$0.7 Million
 
HOT Off The Press

Deep Sea Industrial Fishing Specialist China Fishery Group Receives Warm Response For IPO

As at the close of the IPO, 1,440 valid applications were received for the 1 million offer shares made available to public for subscription.

In total, these applicants applied for approximately 31.65 million Offer Shares, with application monies received amounting to approximately S$39.57 million.

CFGL's placement tranche of 56 million shares was fully taken up and has drawn strong interest from institutional investors, including Royal Bank of Canada (Asia) Ltd, Dubai Investment Group LLC, Landsbanki Island HF and funds under the discretionary management of Value Partners Limited. These institutions successfully applied for and w ere allotted 5,000,000 Placement Shares, 3,000,000 Placement Shares, 2,850,000 Placement Shares and 2,850,000 Placement Shares respectively, representing 8.77%, 5.26%, 5.00% and 5.00% of the total invitation.

Based on the total invitation size of 57 million New Shares, the IPO was approximately 1.54 times subscribed.

China Fishery is a global, integrated industrial fishing specialist with governmental rights to fish in diverse locations across the world's oceans. [+]

Legal Action By Biosensors Group Against Advanced Cardiovascular Systems, Inc. And Guidant Corporation


Biosensors Subsidiary, Occam International B.V., commenced legal action on January 20, 2006 in the County of Orange, State of California, United States, against Advanced Cardiovascular Systems, Inc. and Guidant Corporation. ACS is a subsidiary of Guidant.

The complaint filed by Occam against ACS is for breach of the Asset Purchase and Licensing Agreement dated 19 March 2003 between Occam and ACS and for breach of the Implied Covenant of Good Faith and Fair Dealing.

The action against Guidant is for breach of a guaranty of ACS's obligations given by Guidant in favor of Occam. The Agreement provided ACS with, among other things, licenses to utilize Biosensors' bioresorbable polymer technology and the rights to use clinical data generated under the FUTURE I and FUTURE II clinical trials conducted by Biosensors with respect to the Everolimus Drug Eluting Stent.

Occam is seeking from ACS and/or Guidant damages in excess of US$26.5 million.

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. [+]

Petra Foods Strengthens Regional Presence With US$5m Acquisition Of Existing Confectionery Businesses From Nestle In The Philippines

Petra Foods Limited has reached an in-principle agreement to acquire the chocolate confectionery manufacturing plant and sales and distribution assets from Nestle Philippines' Inc and its subsidiary, Goya Inc for an aggregate consideration of US$5 million.

The acquisition, done through Petra Foods' subsidiary Delfi Foods Inc, comes with the key brands "Knick Knacks" and "Goya" which are popular brands in the Philippines.

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

Bio-Treat Clinches Ground-Breaking RMB500 Million BOT Wastewater Treatment Project In Suzhou City

Bio-Treat Technology Limited has successfully clinched a ground-breaking RMB500 million Build-Operate-Transfer project in Suzhou City, Jiangsu Province.

This latest project, which involves the construction of a wastewater treatment plant capable of treating up to 150,000 m3 of wastewater per day and the construction of the drainage piping system for the plant, marks the Company's single largest municipal BOT investment to-date. Notably, the project is also the largest wastewater treatment BOT project that has been awarded in Suzhou City.

Bio-Treat Technology Limited is one of the PRC's leading companies in the development and application of biotechnology for the treatment of waste and wastewater. [+]

KS Energy Receives Asiamoney's Best Corporate Awards For Excellence

KS Energy Services Limited has been presented with Asiamoney's Best Corporate Awards for Excellence in the Singapore Small Cap section at an Awards Presentation Dinner in Hong Kong last night.

Asiamoney is a leading financial monthly that provides discerning reports and analysis of the financial and investment markets in Asia Pacific. The Best Corporate Award is presented to the company with the best overall financial and business performance, management strategy and vision, corporate governance, focus on shareholder value, investor relations and operational efficiency. Asiamoney magazine is part of Euromoney Institutional Investor plc, a global publishing house with offices in London, New York and Hong Kong.

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

UTAC FY05 Net Profit More Than Triples To $41.8 Million On Doubling Of Revenue

4Q05 net profit grew 90.6% on a sequential basis over 3Q05 due to higher utilization.

Revenue for FY05 increased 91.9% to $325.5 million from $169.6 million for FY04, propelled by contributions from UTAC Taiwan and stronger demand for both test and assembly services, particularly for DRAM memory, Flash memory and mixed-signal and logic processing products.

Contribution from mixed-signal devices grew significantly by 39.1% over 3Q05.4Q05 gross margin increased quarter-on-quarter to 30.8%.

4Q05 net margin increased to 20.0% from 12.5% in 3Q05; FY05 net margin was 12.8%.

EBITDA margin was 47.4% in 4Q05 due to an increase in test utilization and test revenue mix.

UTAC is a leading independent provider of semiconductor assembly and testing services to its customers, which comprise integrated device manufacturers, fabless companies and wafer foundries. [+]

ASL Marine Records Interim Net Profit Growth Of 110% On The Back Of Robust Marine Sector

ASL Marine's total revenue increased by 52.2% to $105.2 million for the six months ended 31 December 2005, as compared to the corresponding period last year. Revenue increase was broad-based across all three business segments, namely the shipbuilding, shiprepair and shipchartering divisions.

Overall, ASL Marine experienced better gross margins of 13.9% in 1H2006 compared to 10.0% in 1H2005. Gross margins in the shipbuilding division rose from 4.9% to 5.6% due to better pricing from higher value contracts while margins in the shipchartering and rental segment increased from 15.0% to 28.5% as a result of higher margin from the time and lump sum charters.

The Group recorded a 109.9% net profit growth from $5.9 million in 1H2005 to $12.3 million in 1H2006.

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

Possible Mandatory Or Voluntary Conditional Cash Offer For PEARL Energy


Transaction highlights:

 • Austindo Group to divest its 48.29% stake in PEARL Energy Ltd. to Aabar Petroleum Investments Company PJSC by way of a put and call option agreement.

 • Option price of S$1.95 per share.

 • Option price represents a 13% premium over Pearl Energy's closing price on 27 January 2006 of S$1.73 per share and a 30% premium over its volume weighted average price for the preceding three months.

 • Agreement marks Aabar's first venture into the oil & gas exploration and production business, which is at the core of Aabar's strategy.

Pearl Energy is a Singapore-based Oil & Gas company engaged in the exploration, discovery, development and production of oil and gas exclusively in South East Asia. [+]

New Aztech Manufacturing Facility In Dong Guan Commenced Operation

Aztech has obtained the contractual right to use the land from Dong Guan Shi Chang Ping Jiu Jiang Shui Economic Affairs Cooperative for a term of 50 years, subject to prevailing laws and land policies of the PRC. The construction work began with the groundbreaking ceremony in February 2004. The building was completed in late last year.

Covering a total area of about 464,442 square feet (about the size of 9 football fields), Aztech new manufacturing facility will enable the Group to consolidate all its existing facilities in China under one roof and to expand its production as the manufacturing capacity has since been doubled.

Aztech Systems Ltd is a multi-national company providing OEM/ODM design and manufacturing services as well as contract manufacturing service. [+]

Cosco Secures Four Contracts Totaling US$12.95 Million

Contract
Shipyard
Completion
Three ABS Class Deck
Barges (Newbuildings)
Cosco Dalian
Shipyard
September 2006
One Deck Ballast Barge
(Newbuilding)
Cosco Dalian
Shipyard
May 2006
Accommodation Block of
Submersible-Rig (Newbuilding)
Cosco Nantong
Shipyard
March 2006
Major Tanker Repair Cosco Dalian
Shipyard
March 2006
COSCO Corporation is a diversified group with core activities in shipping and shipping related services.  [+]

A-REIT To Pioneer Two Development Projects Worth Up To $128 Million

A-REIT will undertake the development of two warehouse retail facilities under the Warehouse Retail Scheme launched in April 2004 by the Singapore Government. The two separate warehouse retail facilities will be developed for Cold Storage Singapore (1983) Pte Ltd for its Giant operations, a leading hypermarket operator in Singapore and for Courts (Singapore) Limited, a leading furniture and electrical product distributor, for an aggregate cost up to $128 million.

Both properties under development are located along Tampines Avenue 10 in close proximity to the housing estates of Tampines and Pasir Ris and easily accessible via Tampines Expressway.

A-REIT is the first business space and light industrial real estate investment trust listed on the SGX-ST. [+]

Massimo Dutti White Hot Luxury Fashion Label Blazes Into Singapore

RSH Limited has blazed yet another trail in fashion with the Singapore debut of one of Europe's hottest fashion names, Massimo Dutti. Spanning a very generous 10,000 square feet in size, the new Massimo Dutti flagship store will be strategically situated at Liat Towers along Orchard Road. This new store is the first in Asia, including Japan.

Massimo Dutti is a Spanish label managed by the Inditex Group, one of the world's largest fashion groups. Other labels under the Group's portfolio include Pull and Bear, Bershka, Stradivarius, Oysho and the renowned Zara.

One of Inditex's fastest growing international chains, Massimo Dutti sets its sights on the well-heeled and discerning high-end consumer that wants exquisite design and quality coupled with excellent value.

RSH Limited is the leading pan-Asian marketer, distributor and retailer for sports, golf, active lifestyle and fashion products. [+]

PEARL Signs One-Year Supply Contract With PTT For Jasmine Crude

PEARL Oil (Thailand) Limited signed a sale and purchase agreement with PTT Public Company Limited for the supply of crude oil from the Jasmine field in the Block B 5/27 contract area located in the Gulf of Thailand.

The agreement went into effect on 1 January 2006. The Jasmine oil field commenced production in June 2005, one month ahead of schedule and 17 months after PEARL acquired the concession. Since production began, the field has pumped more than two million barrels of crude oil, all of which have been bought by PTT and refined for the domestic market. At the end of 2005, Jasmine was producing at an average rate of 10,000 barrels per day.

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

Ezra Appoints Wong Bheet Huan As Executive Director

Mr Wong joined Ezra as a director of Ezra Marine Services Pte Ltd in 2004 and subsequently assumed directorship in Emas Offshore Pte Ltd, a subsidiary.

He was county manager of Lloyd's Register, Singapore, having risen through the ranks since he joined in 1970 as a Surveyor.

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

A-REIT To Acquire 150 Ubi Avenue 4 For $13.2 Million

A-REIT has signed a put and call agreement to acquire 150 Ubi Avenue 4 for a purchase price of $13.2 million from Sunlight Electrical Pte. Ltd..

The property is located at Ubi Avenue 4, within the business and industrial hub of Ubi and is accessible via the Pan Island Expressway and the upcoming Kallang-Paya Lebar Expressway. There are a host of public amenities and services available in the nearby vicinity.

A-REIT is the first business space and light industrial real estate investment trust listed on the SGX-ST. [+]


CEO's Walk The Talk

"..Employees are our assets. Our ability to deliver outstanding performance depends on our employees. Ensuring their welfare is our top priority, hence we have built many facilities catering to their recreational purposes..."
Mr Michael Mun
CEO & President
Aztech Systems Ltd.


Highlighted Company


Hongguo International Holdings Limited is the company behind one of the leading premium brands of ladies' fashion footwear in China. Incorporated in Bermuda on 26 April 2002, listed on the Singapore Exchange in June 2003, the Group currently consists of five wholly owned subsidiaries.

Hongguo specialise in the design, manufacture, and retail of its own brand of ladies' fashion shoes in the PRC. Hongguo's management has played a significant role in establishing the Group's market share in the PRC ladies' shoes industry.

Hongguo's "C.Banner" brand of fashion shoes are marketed as quality upmarket shoes, targeted at the brand and fashion conscious consumers, and has gained recognition within a short span of seven years and has been ranked 3rd in terms of market share for the last three consecutive years, according to an annual market survey of the ladies' leather shoes industry by The China Industrial Information Issuing Centre of the National Statistics Board of the PRC.

Hongguo pride itself with a dynamic design and sales team who keep abreast with international fashion trends and consumer preference to create its own distinctive line of contemporary women's footwear that complements the young and trendy professionals.

In 2004, Hongguo took a huge step towards expanding our market coverage. Not only did the company launch its second brand of ladies fashion shoes "E.Blan", a mid-range ladies' fashion shoes brand targeted at the third and fourthtier cities in the PRC, it also acquired Jiangsu Unity Corporation ("JUC"), a chain of 50 boutiques carrying international fashion apparels such as Byford, Hugo Boss, G2000, U2, Bodyline and Ermenegildo Zegna.

With over 480 boutiques and retail outlets in major departmental stores in China's major cities such as Beijing, Shanghai, Guangzhou, Nanjing, and in provinces such as Jiangsu, Anhui, Shandong, Zhejiang and Fujian, Hongguo is still expanding its market coverage in the PRC and seeking to
capture new consumer segments.































Historical Price Data
 Date Open High Low Close
Volume  
 27 Jan 2006
0.310
0.335
0.310
0.325
21,527,000 
 26 Jan 2006 0.310 0.310 0.295 0.305
4,213,000 
 25 Jan 2006 0.315 0.325 0.305 0.310
9,960,000 
 24 Jan 2006
0.290
0.315
0.290
0.310
21,532,000 
 23 Jan 2006 0.280 0.290 0.270 0.290
3,384,000 

Fundamentals
EPS ($) *
0.02730
NAV ($) **
0.1463
Dividend ($) ****
 0.007098
PE
12.637
Price / NAV **
2.358
Dividend Yield (%) ****
2.057
Market Cap (M)
136.919
Par Value ($)
USD 0.015
Issued & Paid-up Shares ***
396,868,000
52 Weeks High
0.335
52 Weeks Low
0.190
 
* 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 01/08/2005. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

Newsroom
08 Nov 2005 Hongguo Enters Into Licensing And Joint-Venture Agreements With 3A Antonini Of Italy To Market Men's And ladies' Casual Shoes In China And Produce And Market New Line Of Ladies' Shoes In Europe
03 Oct 2005 Hongguo International Secures Right To Bring International Fashion Label MaxMara Into Nanjing
01 Aug 2005 Half Year Financial Statement And Dividend Announcement
30 Jun 2005 Change Of Company Secretaries
26 May 2005 Update On Additional Retail Outlets Opened






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