24 July 2006      
Volume `000 
 China Sun
Weekly movement as at 21 July 2006
 JSH 500US$
 SIA 200
 HKLand US$
Weekly movement as at 21 July 2006

KepLand: Increase Stake In DL Properties Owner Of Equity Plaza
In Raffles Place
Mapletree Investments: FY06 Net Profit Up 179% To $144.5
Chip Eng Seng: JV With Lehman To Build High-End Residential
Development In Cairnhill
Enzer: Wins $2 Million Worth Of Contract For Its ENZERGold
Series Of Personal Music Centres

Wilmar: To Place Out 375 Million Shares At 62 To 85 Cents Each
Datacraft: Wins US$800,000 Contract From PT Excelcomindo
Pratama Tbk (XL)
TAC: 2Q FY06 Net Profit Up 11.3% To 1.2 Billion Baht
A-Sonic: Launched $42.56 Million Take-Over Bid For Airocean Group
CDL Hospitality Trusts: IPO Of 425 Million Units Subscribed 2 Times
Raising $352.75 Million
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HOT Off The Press

Jiangsu Hengxin Technology Co., Ltd - Extension Of Tax Exemption For A Further 3 Years

Hengxin Technology Ltd. wholly owned subsidiary, Jiangsu Hengxin Technology Co., Ltd has been certified by the authorities as a Foreign Owned Advanced Technology Enterprise.

Previously, the subsidiary is entitled to an exemption from Enterprise Income Tax for the first two profitable years of operation and thereafter a 50% reduction in EIT for the following three financial years. The first profitable year of the subsidiary under this exemption scheme is the financial year ended 31 December 2005.

The Certification extends the 50% reduction in EIT for another three financial years starting from the financial year ending 31 December 2010.

Hengxin Technology Ltd. is principally engaged in the manufacture and sale of RF coaxial cable series for mobile communications and other telecommunications equipment in the PRC, with a strong focus on research, design and product development. [+]

Soilbuild Acquires Furama Tower At The Prime Leonie Hill Road

Soilbuild Group Holdings Ltd has acquired Furama Tower at 22 Leonie Hill Road, Singapore 239195 for S$76 million through an en bloc sale. The 33,821 sq ft freehold site has a gross plot ratio of 2.8 and can be developed into a 36-storey high residential development. It is located in the prime District 9, just a five-minute walk away from Ngee Ann City. Based on an estimated development charge of about S$6.6 million, the price psf per plot ratio is about S$873.

Assuming an average size of 2,000 sq ft per unit, the total site can be developed into about 45 to 50 exclusive residential units. Development of the site and the marketing launch is expected to be in 2007.

Consent from more than 90% of the owners of the 33 apartment units at the 18-storey Furama Tower has already been obtained.

Soilbuild is a boutique developer of prime residential properties and has a portfolio of commercial/industrial properties. [+]

SMT Incorporation Of Two Wholly Owned Subsidiaries

Surface Mount Technology (Holdings) Limited wholly owned subsidiary, Market Logistics Limited, has incorporated a new wholly owned subsidiary known as Prompt Reaction Inc.

PR Inc. was incorporated in British Virgin Islands with an authorised capital of US$50,000.00 divided into 50,000 ordinary shares of US$1.00 each and a paid-up capital of US$2.00. The principal activities of PR Inc. are that of investment holding and trading of electronic components and plant and equipment.

The Company has, through PR Inc., incorporated another wholly owned subsidiary known as Surface Mount Technology (Tianjin) Co., Ltd.

SMTech Tianjin was incorporated in Tianjin, PRC with a registered capital of US$15,000,000.00 which will be funded from internally generated resources over a period of 3 years. SMTech Tianjin will provide Electronics Manufacturing Services to the electronics industry, particularly for markets in the Bohai region and the north eastern provinces of China.

Surface Mount Technology (Holdings) Limited is engaged principally in the provision of EMS to OEMs of computer peripherals, telecommunications, consumer and industrial products. [+]

AEM-Evertech Secures Over S$65M Of Firm Sales Orders For Its Semiconductor Equipment

AEM-Evertech Equipment Division has secured more than S$65 million of firm sales orders in the first half of financial year 2006. These are expected to be fully delivered by the third quarter of financial year 2006.

The amount exceeds the total revenue of S$58.7 million in its equipment sales for the full financial year 2005. The bulk of the orders were placed by leading international semiconductor companies from the United States and Europe.

AEM-Evertech is in the core business of design and manufacturing of equipment, precision engineering products, chemicals and organic substrates as well as providing engineering materials and services to the microelectronics industry. [+]

TeleChoice Incorporation Of Subsidiary In Malaysia: N-Wave Telecoms (Malaysia) Sdn. Bhd.

TeleChoice International Limited subsidiary, NexWave Telecoms Pte. Ltd. has incorporated a subsidiary in Malaysia known as N-Wave Telecoms (Malaysia) Sdn. Bhd.

N-Wave Malaysia has an authorised capital of RM 5M, and an initial paid-up capital of RM 2.

NexWave Telecoms and N-Wave Malaysia are managed under TeleChoice's Telecommunications Services division.

Subject to compliance with applicable regulatory requirements, N-Wave Malaysia will engage in telecommunications services, investment holding and related business activities. The establishment of N-Wave Malaysia is in consonance with the ongoing expansion of TeleChoice's Telecommunications Services businesses into the region.

TeleChoice International Limited is a leading provider of telecommunications services and solutions. [+]

JEL Corp New Appointments

Mr. Wee Teck Han will be promoted to Deputy CEO effective August 1 2006. In this new role, he will be assisting the Chairman, Mr. Eric Tan in executing group strategies. Mr. Wee has been with JEL Corp for 7 years, most recently holding the position of Chief Financial Officer. He has also been active in various other corporate operations and has a clear understanding of the unique JEL culture.

Mr. Hitoshi Nagasaka will be appointed Deputy Chief Operating Officer effective August 1 2006. In this role, he will be responsible for assisting the Chairman, Mr. Eric Tan with formulating and executing Group business strategies, and corporate plans and policies. Mr. Nagasaka has vast experience in both the emerging and developed markets. Having been involved with marketing and channel development for more than 10 years, his extensive knowledge and skills will contribute significantly to JEL Corp.

JEL Corporation (Holdings) Ltd. is an established distributor of fast-moving consumer goods, consumer electronic, IT, photographic and telecommunication products, with distribution networks spanning many emerging markets in Africa, Asia, Middle East and the Americas. [+]

Boustead Subsidiary Boustead Maxitherm Industries Secures Contracts Totalling S$14 Million

Boustead Singapore Limited subsidiary, PT Boustead Maxitherm Industries, has secured two contracts in Indonesia totalling approximately S$14 million. 70% of the value of the contracts is expected to be completed within the current financial year ending 31 March 2007.

The contracts involve the design, process engineering and construction of a sugar bagasse solid waste energy recovery system for PT PG Rajawali II, a large state-owned sugar plantation and mill in Indonesia and a cold storage facility for PT Wachyuni Mandira, a company of the Dipasena Group, which is one of the world's largest prawn hatcheries.

The sugar bagasse solid waste energy recovery system which BMI will design and construct for PG Rajawali represents a breakthrough because it will be the first Maxitherm system installed in Indonesia for the application of sugar bagasse. Bagasse is the biomass that remains after sugar cane stalks are crushed to extract juices and will be used as the fuel source in the energy recovery process. The Maxitherm system will be able to generate a steam turbine capacity of 3MW.

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

Raffles Education Proposed Acquisition Of Subsidiaries Of PATH Education Group Pte. Ltd.

Raffles Education Corp has entered into a conditional sale and purchase agreement with PATH Education Group and Patrick Chan to purchase all its shares in the following six subsidiaries and a sole-proprietorship, Path School of Technology and Management.

The Company will acquire all the PATH Companies for an estimated aggregate purchase consideration representing 5.357 times of PATH Companies' estimated combined net profit after tax for the year ending 31 December 2006, subject to a maximum of S$15.0 million.

The PATH Companies are private education providers in the areas of Applied Psychology and Information Technology. The schools are located in Singapore, Malaysia, Australia and Hong Kong.

Raffles Education Corp is one of Asia's leading creative design and management education groups. [+]

Ezra In Sale-&-Leaseback Again - This Time, It's Worth US$181 Million

Ezra wholly-owned Lewek Shipping Pte Ltd has signed a US$181.3 million sale & leaseback agreement with Navigation Finance
Corporation on seven deepwater anchor handling, towing and supply vessels and two anchor handling tugs. Navigation Finance Corporation is a global maritime private equity investment company and a joint venture between DVB Bank and US-based Northern Navigation International.

The vessels comprise two 90-metre 18,000 brake horsepower AHTS vessels, four 71-metre 12,000 bhp AHTS vessels, a 66-metre 8,000 bhp AHTS vessel and two 48-metre 8,000 bhp AHT vessels.

The implementation of this asset-light strategy and Ezra's improving cashflow from operations help lower group net gearing to 0.2x in 1HFY06 from 1.1x in FY05. There are no profits attributable to these vessels as they are under construction. Each vessel will be sold and leased back on a bareboat charter basis from NFC on delivery.

Ezra Holdings is an integrated solutions provider supporting the offshore oil & gas industry, mainly in South East Asia. [+]

C & O Pharm's Major Shareholder To Transfer 35.3 Million Shares To Employees In A Gifting Exercise

C&O Pharmaceutical Technology (Holdings) Limited major shareholder, Leo Star Development Limited will transfer about 35.3 million ordinary shares of C&O to more than 90 employees in a gifting exercise.

Leo Star is 90% owned by C&O's Executive Chairman, Mr. Gao Bin and 10% owned by the Group's Executive Director, Mr. Ma Lai Chi. The gift shares represent approximately 5.7% of the total number of outstanding C&O shares. After the transfer, Leo Star will hold a direct interest of about 64.38% in C&O.

C&O Pharmaceutical Technology (Holdings) Limited is an established and integrated pharmaceutical group in China. [+]

Daka Design Acquisition Of Shares In Daka Europe Limited

Daka Designs Limited had entered into a sale and purchase agreement with Mayhem UK Limited, a shareholder of Daka Europe Limited for the acquisition of the remaining 50 ordinary shares at a total consideration of US$37,500, representing 50% of the total issued and paid-up capital of DE. The acquisition will be made through Daka Development Limited, a wholly-owned subsidiary of the Company, which currently holds the other 50% of the issued share capital of DE.

Daka Designs Limited is engaged in the design, development and marketing of innovative products for the global consumer market. [+]

Expanded FerroChina Group Sees Net Profit Increase 172.6% In 1H FY2006 To RMB 159.5m

Ramping up production of heavy gauge galvanised steel has seen the Group posts growth figures of around 90% across the board. Revenue for the six month period ending 30 June 2006 increased by 98.8%, to RMB 1,665.1 million, compared to RMB 837.7 million in the same period in FY2005.

The maiden profit contribution from Everbright of RMB 63.5 million translates to a net profit after tax of RMB 159.5 million, an increase of 172.6%. A non-recurring investment gain of RMB 191.8 million was also accounted for during this period, giving a final net profit attributable to shareholders of RMB 351.3 million.

These latest results convert into earnings per share of 103.3 RMB cents as compared to 17.79 RMB cents in the previous corresponding period. The Group is in the growth phase and it will be in the best interest of shareholders to re-invest its retained earnings into the continued development of FerroChina.

FerroChina is a leading manufacturer of galvanised steel coils in Asia. [+]


Qian Hu's First-Half Net Profit Up 17.4% To $1.1 Million

Qian Hu Corporation Limited reported a 17.4% rise in net profit attributable to shareholders to $1.1 million for the first six months ended 30 June 2006.

Group turnover surged 13.9% to $36.4 million, dominated by robust Dragon Fish sales and the Group's effort in boosting its export of ornamental fish to more customers and countries around the world, particularly through Singapore, Thailand and Malaysia.

Qian Hu's net profit for the second quarter alone jumped 23.8% to $0.6 million on sales growth of 16.9% to $18.3 million. This was propelled by higher sales from its ornamental fish business, as well as higher margins derived from Dragon Fish sales.

Based on the Group's half-year results, its earnings per share rose from 0.74 Singapore cents to 0.87 cents on a year-on-year basis, while net asset value per share improved to 36.27 cents.

Qian Hu is an integrated ornamental fish service provider - providing a spectrum of services involving distribution of well over 500 species of ornamental fish from all around the world as well as the manufacturing and distribution of a wide range of aquarium accessories, including pet foods and medications. [+]

TT International US$40 Million Syndicated Loan Facility

TT International Limited has entered into a US$40 million syndicated facility agreement jointly arranged by BNP Paribas, Singapore Branch, Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Singapore Branch, DBS Bank Ltd, KBC Bank N.V., Singapore Branch and Oversea-Chinese Banking Corporation Limited.

Each of the various facilities granted under the Facility Agreement will be for a period of two years with an option for the relevant lenders to extend the repayment date for a further one year period at the request of the Company.

The proceeds from such facility will be used for the refinancing of its existing borrowing under the US$ 23 million Syndicated Revolving Loan Facility and general working capital requirements.

TT International is one of Singapore's leading international traders of consumer electronics. [+]

Hengxin First Major Overseas Contract With Korean-Listed Taihan Electric

Hengxin Technology Ltd. wholly-owned subsidiary, Jiangsu Hengxin Technology Co., Ltd has been awarded a contract worth about RMB2.5 million by Korea-listed Taihan Electric Wire Co., Ltd.

Taihan Electric, with sales of about US$1.9 billion in FY2005, is primarily involved in the manufacture of electric wires, coaxial cables and other metal products. As part of the agreement which is expected to be fulfilled by 3Q 2006, Hengxin Technology will supply about 24 kilometres of 3G-compatible radio frequency coaxial cables to Taihan Electric in South Korea.

Hengxin Technology Ltd. is one of the leading manufacturers of radio frequency ("RF") coaxial cables series for mobile communications and other telecommunications equipment in the PRC, with a strong focus on research, design and product development. [+]

Noble Carbon Credits And GFL finalized A Series Of Certified Emission Reduction Deals

Noble Carbon Credits, a member of global supply chain manager Noble Group, and Gujarat Fluorochemicals of India has completed a series of long term Certified Emission Reduction purchase and sales contracts. The transaction represents a highly innovative deal structure, involving a mix of guaranteed delivery and off-take commitments with fixed as well as flexible pricing, and advance and balance payments against delivery, with strong security measures built in.

GFL operates the largest refrigerant manufacturing plant in India. Its Clean Development Mechanism project involves incineration of HFC23, a waste-gas generated at this manufacturing plant in Gujarat, India. The project, successfully commissioned in February 2006, received its first Certified Emission Reduction certification from the United Nations in early April. Noble Carbon Credits, as GFL's by far largest customer, will purchase the major portion of GFL's anticipated CER production beginning 2006 through to 2012.

Noble Carbon Credits as one of the leading players in the global CER market, intends to use the GFL CERs to serve its numerous international customers, primarily those based in the power utility, industrial and financial sectors.

Noble Group Limited is a market leader in managing the global supply chain of agricultural, industrial and energy products. [+]

KS Energy Project Management Of The Construction Of A Specialised Onshore Rig

KS Energy Services Limited has entered into a contract with a leading American drilling company to provide management services for the construction of a specialised onshore rig at a facility in north west China. The duration of the project is one year and KS Energy will be paid a project management fee.

Following its repeated success in procuring, refurbishing, managing, commissioning and operating offshore and land rigs as well as other capital equipment, this project management contract is another vote of confidence by the global customers of KS Energy in its ability to deliver a broad spectrum of energy services to the oil & gas industry.

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

China Mobile Increases Its Contract Quantum With Hengxin Technology

China Mobile Communications Group Corporation has increased the quantum of its contract signed with the Group's wholly-owned subsidiary Jiangsu Hengxin Technology Co., Ltd in May 2006, from RMB 119 million to RMB 147 million.

Under the earlier agreement sealed in May, Hengxin Technology was to supply China Mobile with about 3,100 kilometres RF coaxial cables, and other telecommunication equipment and accessories, to 31 cities and provinces in China by 30 September 2006.

Since then, China Mobile has increased the quantum of the contract to about RMB147 million, and the amount of RF coaxial cables to 3,500 kilometres. China Mobile has also informed the Subsidiary that it is likely that they will increase the quantum further, although the amount cannot be determined at this point in time, and will also be dependent on the Subsidiary's capacity.

Hengxin Technology Ltd. is one of the leading manufacturers of radio frequency coaxial cables series for mobile communications and other telecommunications equipment in the PRC, with a strong focus on research, design and product development. [+]

Ace Achieve Records Orderbook Of Over RMB 90 Million In April And May 2006

Ace Achieve Infocom Limited has recorded an orderbook of RMB90.1 million for the period 1st April 2006 to 31st May 2006. These contracts are mainly for the Group's Business & Operation Support Solutions Division. The bulk of the orders is expected to be delivered in the 1st half of the financial year FY2007.

Ace Achieve results for the 16 months ending April 2006 recorded a 14.9% rise in revenue to RMB263.2 million which works out to RMB197.4 million on an annualized basis. As an indication, the current orderbook already represents 45.6% of the annualized revenue and is expected to have a positive financial impact for the Group's FY2007 earnings.

Ace Achieve Infocom Limited is a provider of telecommunication solutions and products in the PRC. [+]

Sarin's Operations Are Not Affected By Recent Rocket Attacks On Northern Israel

All the attacks conducted so far have been targeted against the northern parts of Israel. Since Sarin's offices and production facilities are located in central Israel, such attacks have not affected the operations of Sarin. Production and delivery have continued, and there is neither a shortage of parts, whether domestic or foreign in origin, nor absentees from the labor force.

Sarin would like to take this opportunity to thank its investors in Singapore and around the world for their genuine interest and support during these trying times.

Sarin Technologies Ltd deals in the development, manufacture and sale of precision technology products based mainly on automated three-dimensional geometric measurement for the processing of diamonds and gems. [+]

Midsouth Additional Investment In Wholly-Owned Subsidiary

Midsouth Holdings Ltd. has on 30 June 2006 Increased its investment in its wholly-owned subsidiary, Dezhou Midsouth Composite Materials Co., Ltd by increasing the registered capital from S$5,509,700 to S$41,130,000.

The additional funds injected are used for the purposes of acquisition of production equipment, setup of a new manufacturing plant, research & development, market expansion study and general working capital requirements.

Midsouth is in the business of designing and manufacturing of a wide range of fibreglass reinforced plastic products such as FRP vehicle parts, FRP doors and windows, and FRP industrial fittings. [+]

Tai Sin 60% Owned Joint Venture Subsidary Company In Vietnam Known As Dien Quang - Tai Sin Cable Company Limited Established

Tai Sin (Vietnam) Pte. Ltd. a wholly-owned subsidiary of Tai Sin and Dien Quang Lamp Joint Stock Company has established a Joint Venture Company in Vietnam to be known as Dien Quang - Tai Sin Cable Company Limited.

The JV company engages in the manufacturing electric cables of all kinds in Vietnam for domestic consumption and export.

Tai Sin Electric Cables Manufacturer Limited is a leading electric wires and cables manufacturer. [+]

CMT Achieves 10.3% Higher Second Quarter 2006 Distribution Per Unit

CapitaMall Trust Management Limited, the manager of CapitaMall Trust, announce a distributable income of S$38.2 million to unitholders of CMT for Second Quarter 2006. The distributable income for Second Quarter 2006 is based on 100% of CMT's taxable income available for distribution to Unitholders. Distribution Per unit in CMT for Second Quarter 2006 is 2.77 cents. When compared against the Second Quarter in 2005, the DPU registered an increase of 10.3% from 10.07 cents on an annualised basis to 11.11 cents.

CMT's gross revenue for Second Quarter 2006 was S$76.5 million and net property income for Second Quarter 2006 was S$49.2 million. Excluding the four assets which were acquired in 2005, CMT's gross revenue for First Half 2006 outperformed gross revenue for First Half 2005 by 5.1% or S$5.7 million, while CMT's net property income for First Half 2006 outperformed net property income for First Half 2005 by 8.6% or S$6.1 million.

Rental renewal rates for First Half 2006 registered strong growth of 8.1% over preceding rental rates and 7.2% over forecast rental rates. The target asset size for CMT in Singapore has also been increased from S$5 billion to S$6 billion by 2008 to S$7 billion by 2009.

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

CEO's Walk The Talk

"..Since 2004, Qian Hu has gone through the painful process of pruning as we embraced a new retail chain store strategy, and moved away from the old business model that was reliant on whole distribution..."
Mr Kenny Yap
Executive Chairman and Managing Director
Qian Hu Corporation Limited.

Highlighted Company

Listed on the Main Board of the Singapore Exchange on 19 May 2005, FerroChina Limited is one of Asia's bigger manufacturers of heavy gauge galvanised steel coils, with an annual production capacity of 700,000 mt. Our production facility is located in Dongbang Industrial Park, Changshu, Jiangsu Province, PRC.

Galvanised steel is common steel that has been hot-dipped or coated in molten zinc. The zinc coating acts as a protective layer, avoiding direct contact between the steel and the atmosphere, making the steel more resistant to corrosion. As compared to common steel, galvanised steel can withstand corrosion for at least 15 years. Galvanised steel is used in diverse industries such as home appliances, computing/IT, automotive and high rise offices and commercial buildings.

FerroChina's customers include mainly steel trading companies, steel structure engineering companies and steel processing factories in the PRC.

Built on the strength of our international management team which has over 20 years of experience in the steel industry in the PRC, our extensive sales and distribution network cover all major business centres. By leveraging on our international sales contacts, export sales have been made to Singapore, Spain, USA, UK and Taiwan.

In June 2005, we cemented our position in our niche market with the successful completion of our second galvanisation production line - believed to be the one of the first galvanised steel facilities in Asia to integrate pickling and galvanising processes and operate on a 24-hr fully automated production cycle. The fourstorey production facility not only demonstrates our Group's increased production capabilities, but also reflects the evolution of our Company into a substantially larger, more diverse enterprise.

Historical Price Data
 Date Open High Low Close
 21 Jul 2006  0.750  0.805  0.750  0.800
 20 Jul 2006  0.775  0.780  0.765  0.765
 19 Jul 2006  0.735  0.755  0.735  0.740
 18 Jul 2006  0.680  0.735  0.675  0.730
 17 Jul 2006  0.680  0.680  0.660  0.665

EPS ($) *
NAV ($) **
Dividend ($) ****
Price / NAV **
Dividend Yield (%) ****
Market Cap (M)
Par Value ($)
  SGD 0.120
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 27/02/2006. Please click here for more information.
**** Dividend is based on latest Full Year Results Announcement and excludes special dividend

21 Jul 2006 Expanded FerroChina Group Sees Net Profit Increase 172.6% In 1H FY2006 To RMB 159.5m
21 Jul 2006 Second Quarter Financial Statement And Dividend Announcement
21 Jul 2006 FerroChina Limited Online Management Q & A
21 Jul 2006 Presentation Material
19 May 2006 Institutional Investors Acquire 16.35% Stake In Galvanised Steel Processor FerroChina

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