03 July 2006      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
 Biosensors
158,073 
 THBEV
148,293 
 Chartered
129,042 
 China Sun
109,711 
 MDR R
108,386 
Weekly movement as at 30 June 2006
WEEK'S TOP GAINER
 Name
Price  
Chg 
 GreatEast
15.900 
+1.800
 KepCorp
14.700 
+1.100
 Ho Negara
6.400 
+1.050
 STI ETF 100 IOPV
25.204 
+0.932
 DBS
18.100 
+0.900
Weekly movement as at 30 June 2006

 
HEADLINES FOR THE WEEK
Labroy: Wins Offshore Contract Worth US$18 Million From New
Dutch Client
Warren Buffett: To Give 85% Of His Fortune Worth About US$37.4
Billion To Charity
Frasers Centrepoint Trust: Launched IPO Of 262 Million Units At
$1.03 A Unit Raising $270 Million
OCBC: Started Mobile Banking Services Using GPRS-enabled
Phones
SIA: Sold Robinson Road Building For $343.88 Million To TSO
Investment


SGX: Allows Listing Of Hedge Funds To Raise Visibility & Disclosure
Standards
LMA: Received CE Mark For New Urology Device LMA StoneBreaker
In Europe
Freight Links: FY06 Net Profit Up 13% To $10.7 Million
Khong Guan: FY06 Net Profit Up 130.8% To $3.17 Million
ST Engg: Won US$18 Million Contract To Supply Rugged Laptop To
US Air Force
 
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HOT Off The Press

CMT Expects Strong Endorsements For The Proposed Acquisition Of A 40% Interest In Raffles City


The Acquisition Of Raffles City is expected to increase CapitaMall Trust's distribution per unit from 11.11 cents to 11.21 cents for the period from 1 September 2006 to 31 December 2006. The forecast DPU in 2007 is expected to be 11.43 cents with the Acquisition.

Raffles City is an excellent asset by virtue of its strategic location and direct connectivity to City Hall Mass Rapid Transit station, one of Singapore's four major MRT interchange stations. It will also have direct connectivity to the proposed Esplanade MRT station on the Circle Line of the MRT system, which is expected to be fully operational by 2010.

Together with Funan DigitaLife Mall, Plaza Singapura and Bugis Junction, with the latter two similarly strategically located with direct connectivity to Dhoby Ghaut MRT interchange station and Bugis MRT station respectively, CMT's retail foothold in the Downtown Core of Singapore is strengthened. With the Government's strong commitment to transform Singapore into a destination of choice and a major tourism hub by 2015, CMT's four prime assets in the Downtown Core are well-poised to benefit from the increased tourist arrivals and tourism receipts.

CapitaMall Trust is the first listed real estate investment trust in Singapore. [+]

Popular Achieves Strong 48% Growth In FY2006 Net Profit To S$15.8 Million


Benefiting from the launch of new English titles for its Publishing division, and a boost in business volume from new outlets for its Retail and Distribution division, Popular achieved revenue of $383.8 million for FY06, up 7% from $360.1 million previously. Net Profit grew at a faster pace than revenue, jumping an impressive 48% to $15.8 million, as compared to $10.7 million in FY05. The significant bottom line growth was boosted in part from the disposal of 14.6% equity interest in an associate company, Litespeed Education Technologies Berhad.

The Group also witnessed improvements in profit margins across the board. Gross profit margins moved up from 17.9% in FY05 to 18.2% in FY06. Operating margins rose from 4.3% to 5.7%, while net margins increased from 3.0% to 4.1%. Earnings per share rose 51% to 3.56 cents from 2.36 previously, while net asset value per share as at 30 April 2006 amounted to 30.09 cents compared with 28.57 cents as at 30 April 2005.

In view of the continued profitability of the Group and to reward loyal shareholders, the Directors have recommended a final dividend of 0.7 cents (tax exempt) per share which will be paid to shareholders on 19 September 2006. Together with a special dividend and an interim dividend of a total of 1 cent, total payout for FY2006 is 1.7 cents, the highest payout ever.

Popular engages in publishing, retail & distribution and content creation. [+]

Sarin Launches Groundbreaking Rough & Polished Color Technology At World Diamond Congress


During an unveiling ceremony at the 32nd World Diamond Congress, Sarin Technologies Ltd launched two groundbreaking products - the Colibri™ and OrchiDia™ for polished and rough diamond color grading and prediction respectively.

The Colibri™ is a state-of-the-art color grading product for polished diamonds. Colibri™ calculates and grades the color of the diamond as well as its fluorescence taking into account the diamond's size and shape. Among other features, it can measure mounted stones, is fully mobile, and has a user-friendly touch screen.

OrchiDia™ is the first product which enables diamond manufacturers and dealers to predict the final polished color of a rough diamond according to the planned polished shape and the principal rough diamond model.

Sarin Technologies is a worldwide leader in the development and manufacturing of advanced planning, evaluation and measurement system for diamond and gemstone production. [+]

Sunshine Acquisition Of Subsidiary To Increase Land Bank


Sunshine Holdings Limited had on 28 June 2006, through its wholly-owned subsidiary, Xinxiang Huilong Zhongxin Xinqu Real Estate Development Co., Ltd entered into an agreement to acquire a 90% equity interest in the capital of Hetian Jiayuan Real Estate Development Co., Ltd. for a total consideration of RMB26.4 million.

Hetian, incorporated in the People's Republic of China on 5 August 2004, has a present registered capital RMB20 million. As a property development company, it currently owns a piece of land in Fuhou West Street, Changzi City, Shanxi Province, which is under development. The Land, zoned for commercial and residential development and occupies a total site area of 11,333 square metres, has a tenure of 50 years which expires in 2052.

Changzhi City is a prefecture-level city in the province of Shanxi of the People's Republic of China . It lies between the city of Huozhou in Shanxi and the city of Hebi in Henan . Shanxi has a population of about 33.35 million. The nominal GDP of Shanxi in 2004 was RMB304.2 billion, ranked 18th in China.

Based in the Henan Province of the PRC, Sunshine Holdings is an award-winning cluster estate developer as well as developer of mass residential and commercial properties in selected key cities which are at the budding stage of development with strong urbanization and resettlement potential. [+]

Chan Soo Sen Joins Midas As Independent Director


A Member of Parliament, Mr Chan Soo Sen was previously the Minister of State in the Ministry of Education, Ministry of Trade and Industry and Ministry of Community Development, Youth and Sports.

Mr Chan started up the China-Singapore Suzhou Industrial Park in 1994 as its founding CEO, laid the foundation and framework for infrastructure and utilities development. He also managed to persuade about 40 multinational corporations to start projects in the park.

The Board of Midas will now comprise of Executive Chairman Mr Chen Wei Ping, Chief Executive Officer Mr Patrick Chew, Independent Directors Mr Zhang Xingbo, Mr Chew Chin Hua, Mr Gay Chee Cheong, Mr Philip Chan Kam Loon and Mr Chan Soo Sen.

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

United Fiber System Limited Secured US$15,000,000 Term Loan Credit Facility


United Fiber System has entered into a facility agreement with Natexis Banques Populaires, Hong Kong Branch to grant a short term loan credit facility of US$15,000,000.

The financing will be used for PT Kiani Kertas' working capital and capital expenditure to get the pulp mill into full operational readiness ahead of the acquisition.

United Fiber System operates two business divisions, namely forestry, pulp and wood chip production in South Kalimantan, Indonesia, and construction and property development in Singapore. [+]

Samudera's Entry Into Joint Venture In LNG Shipping


The Company has entered into a joint venture agreement with Nippon Yusen Kabushiki Kaisha, and JSC Sovcomflot to invest in LNG East-West Shipping Company (Singapore) Pte Limited.

The total consideration of the 25% shares subscription by the Company is US$ 11.1 million, which was funded by internal sources.

LNG East-West is the owner of a 145,700 CBM ship currently under construction by Daewoo Shipbuilding & Marine Engineering Co. Ltd. The ship will be under 20 years time charter contract by BP Berau Limited, the representative of Tangguh Production Sharing Contractors which consist of BP Berau Limited and 9 other world class Oil and Gas companies, to provide transportation of liquefied natural gas from Berau/Bintuni Bay, Papua province, Indonesia to South Korea and North America.

Samudera is a regional Container Shipping line serving the Middle East and the Indian Sub-continent in the west, South East Asia and Indo-China at the center and the Far East to the north. [+]

 



Global Voice Completion Of The Acquisition Of Long Haul Network From Viatel



The Group has now acquired the following additional fiber optic network infrastructure:

•  A 5,424 kilometers long haul inter-city fibre optic network across Europe covering Germany, France, Belgium, Holland and the UK across, and built at a cost in the region of EUR 650 million.

•  Two cross channel undersea fibre optic cables linking Continental Europe to the UK.

•  New infrastructure customers generating recurring revenues of approximately Euros 1.7 million per annum.

•  New metropolitan fibre network infrastructure in Paris.

The Global Voice Group Ltd. owns and operates unique highly secure optical fibre networks and duct infrastructure across 14 leading European cities. [+]

Karin Investment In A New Company


Karin Technology (BVI) Limited, entered into a subscription and shareholders' agreement with Take Talent Investments Limited to subscribe for 900 new shares of Take Talent, representing approximately 20% of the issued share capital of Take Talent at a total subscription price of HK$180,000 in the first phase capital injection and to further subscribe for 8,750 new shares of Take Talent, representing approximately 70% of the issued share capital of Take Talent at a total subscription price of HK$1,750,000 in the second phase capital injection.

Take Talent's principal activity is to hold 100% equity interest in the Project Company established in the People's Republic of China. The registered capital of the Project Company is HK$5,000,000. The principal activities of the Project Company are trading and distribution of IBM's computer products and peripherals, and the provision of computer data storage management solutions.

The new joint venture possesses similar critical fundamental to the business of the Company. It will help to enhance distribution and design capabilities for the Company and also strengthen the Company market share in the PRC.

Karin is a diversified and value-added electronic components, IC software and IT infrastructure solutions provider with operations in Hong Kong and the PRC. [+]

Bio-Treat Receives A Grant From The Innovation And Technology Fund, The HKSAR Government


HKSAR Government has approved a grant of HK$750,000 under the Innovation and Technology Commission for Great Lucky Holdings Group Limited to carry out the project for the development of ozonated nanobubbling technology.

Great Lucky, incorporated in Hong Kong, is a joint venture entered into between Bio-Treat (64%) and First Deals Trading Limited (36%). Bio-Treat holds 64% equity interest in Great Lucky through its wholly-owned subsidiary Ocean Force International Limited.

The joint R&D project is to develop an ozonated nanobubbling technology for the removal of trace amount of harmful substances and to be applied in different commercial and municipal sectors for hygiene control, water and wastewater treatment. Conventional methods cannot achieve these tasks due to low solubility of ozone in water and short retention time of ozone in the application system. Great Lucky shall hold all intellectual property rights in the Project results.

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. [+]

Sunshine Acquisition Of Two Pieces Of Land For Property Development


Wholly-owned subsidiary, Xinxiang Huilong Real Estate Co., Ltd has won an open tender from the relevant department of Shangqiu local government to purchase a piece of land in Shangqiu City, Henan Province for a total consideration of RMB31 million. The land is made up of 2 portions situated next to each other. The total land area is 55,899 square metres. Both sites are zoned for commercial and residential development and have a tenure of 70 years expiring in 2076.

Wholly-owned subsidiary, Elegant Jade Enterprises Limited has also won an open tender from the relevant department of Luoyang local government to purchase a piece of land in Luoyang City, Henan Province for a total consideration of RMB49.6 million, payable in various instalments. The land occupies a site area of 55,104 square metres and is zoned for commercial and residential development. The commercial portion has a tenure of 40 years expiring in 2046, while the residential portion has a tenure of 70 years expiring in 2076.

Based in the Henan Province of the PRC, Sunshine Holdings is an award-winning cluster estate developer as well as developer of mass residential and commercial properties in selected key cities which are at the budding stage of development with strong urbanization and resettlement potential. [+]

Courage Marine Announcement Of Disposal Of MV New Hope II


Wholly owned subsidiary, New Hope Marine, S.A. has disposed the vessel MV New Hope II for scrap in Chittagong, Bangladesh pursuant to a memorandum of agreement dated 6 June 2006 entered into between New Hope Marine and Seascape Marine Ltd. of Charlestown, Nevis.

Pursuant to the MOA, the scrap price for the disposal is US$ 2,591,872.17 which is US$342.50 per long ton light weight without permanent ballast, which is in line with the current market price.

At the Group level, the disposal of MV New Hope II would result in a net gain of about US$1 million for the current financial year and the net tangible assets of the Group would also increase by about US$1 million.

Courage Marine Group Limited is a Bermuda registered shipping company engaged in the ownership and operation of bulk carriers, with an optimized combination of Handysize and Panamax vessels. [+]

AsiaPharm To Launch Sailimai - A New Formulation For Treating Acute And Chronic Diarrhoea


•  New formulation natural drug tablets - SailiMai - obtained New Drug Approval certification; market launch expected soon.

•  Smectite, the main ingredient, is an internationally recognised drug in treating acute and chronic diarrhoea; new formulation targets domestic market of over RMB500 million.

•  China and PCT patent application in process.

•  Potential as an OTC drug to broaden Group's market in the PRC.

•  Group to seek global opportunities for SailiMai.

AsiaPharm Group Ltd. is a leading specialty pharmaceutical group in the People's Republic of China focusing on the research and development, production and sale of natural drugs and drug delivery systems. [+]

CAO Jet Fuel Tender For August 2006 Deliveries


China Aviation Oil (Singapore) Corporation Ltd had closed its latest physical Jet Fuel tender for delivery in August 2006. This was the second jet fuel tender procurement the Company completed on principal basis since its restructuring exercise from Nov. 2004.

CAO's latest tender received responses from 11 physical jet-fuel suppliers, including oil majors, independent refineries and oil trading companies. For this tender, total volume of 371,000 metric tonnes of A-1 Grade Jet Fuel was awarded. The cover ratio was approximately 3.2 times and the awarded suppliers reflect a broad market participation in the tender.

CAO awarded mandates to the most competitive suppliers and confirmed that the tenders received for this latest tender exercise complied with CAO's standard terms and conditions.

China Aviation Oil (S) Corp Ltd is a Singapore-headquartered, multinational investment and oil infrastructure company. [+]

 

CEO's Walk The Talk

"..CapitaMall Trust has a compelling value proposition by virtue of our clear strategies, strong management team and quality pipeline of assets which enables the delivery of sustainable growth to Unitholders going forward..."
Mr Pua Seck Guan
Chief Executive Officer
CapitaMall Trust Management Limited



Highlighted Company


The Company was incorporated in December 1995 in the Republic of Singapore as Poh Lian Holdings Pte Ltd, a private limited investment holding company working in the construction industry. In conjunction with the initial public offerings, the Company was subsequently converted into a public limited company in May 1997 and changed its name to Poh Lian Holdings Limited. The Company has been listed on the main board of the Singapore Stock Exchange since then.

In April 2002, the shareholders of the Company approved a plan to venture into the forestry and pulp businesses. The restructuring exercise involved the acquisition of the entire issued and paidup share capital of Anrof Singapore Ltd group of companies with a forest concession right and extensive forest plantations in Indonesia and with a licence to build and operate a bleached hardwood kraft pulp mill in Indonesia with an annual production capacity of 600,000 tonnes of pulp. The Company name was changed to United Fiber System Limited ("UFS") to reflect the new core businesses of forestry and pulp production.
































Historical Price Data
 Date Open High Low Close
Volume  
 30 Jun 2006  0.270  0.270  0.250  0.260
20,127,000 
 29 Jun 2006  0.230  0.260  0.230  0.255
42,258,000 
 28 Jun 2006  0.205  0.235  0.205  0.225
30,191,000 
 27 Jun 2006  0.215  0.215  0.205  0.205
8,512,000 
 26 Jun 2006  0.215  0.220  0.210  0.220
6,439,000 

Fundamentals
EPS ($) *
0.00039
NAV ($) **
0.2679
Dividend ($) ****
  -
PE
641.026
Price / NAV **
0.933
Dividend Yield (%) ****
  -
Market Cap (M)
492.370
Par Value ($)
SGD 0.100
Issued & Paid-up Shares ***
1,969,479,000
52 Weeks High
0.410
52 Weeks Low
0.195
 
* 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 28/02/2006. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

Newsroom
30 Jun 2006 Partial Repayment Of Series Three Loan Note From Cornell Capital Partners Offshore, LP ("Cornell")
30 Jun 2006 United Fiber System Limited Secured US$15,000,000 Term Loan Credit Facility
29 Jun 2006 UFS Secures Pre-Closing Financing For Kiani
23 Jun 2006 Partial Repayment Of Series Three Loan Note From Cornell Capital Partners Offshore, LP ("Cornell")
16 Jun 2006 Partial Repayment Of Series Three Loan Note From Cornell Capital Partners Offshore, LP ("Cornell")
   



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