31 July 2006      
Volume `000 
 China Sun
Weekly movement as at 28 July 2006
 Shang Asia 2kHK$
 JMH 400US$
 Bukit Sem
Weekly movement as at 28 July 2006

SPC: 2Q FY06 Net Profit Up 33.5% To $135.7 Million
1Q FY06/07 Net Profit Up 5% To $31 Million
Fortune Reit: 2Q FY06 Distributable Income Up 68.3% To
HK$68.66 Million
CCT: 2Q FY06 Distributable Income Up 9.6% To $15.85 Million
SSH: FY06 Net Profit Up 29% To $10.9 Million
Lian Beng: FY06 Net Profit Up 24.7% To $1.8 Million
System Access: $120.2 Million Takeover Bid By US-Based
Sungard Group

Shell: To Build US$3 Billion Petrochemical Cracker In Singapore
SGX: 4Q FY06 Net Profit Up 97% To $55.1 Million
Keppel: 2Q FY06 Net Profit Up 47% To $196 Million
China Merchants: 2Q FY06 Net Profit Up 44% To HK$71.62 Million
Dairy Farm: 1H FY06 Net Profit Up 13% To US$86 Million
SMRT: 1Q FY07 Net Profit Up 6.8% To $27.4 Million
Raffles Medical: 2Q FY06 Net Profit Up 38% To $3.8 Million
BH Global: 1H FY06 Net Profit Up 50.2% To $5.2 Million
Suntec Reit: 3Q FY06 Distributable Income Up 21.1% To $24.4
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HOT Off The Press

Global Voice Announces Branding Of European Operations To "euNetworks"

Global Voice Group has rebranded its European operations to euNetworks, with the tagline, "Private Fiber Solutions," in an effort to more clearly communicate its business proposition of pan-European deployment of mission-critical communications on dedicated fiber networks. Global Voice Group will remain the listed entity. Underpinning this marketing and branding campaign is a doubling of the sales and solutions team in Europe to drive revenues and customer adoption.

Global Voice has acquired 50 percent of the assets of Viatel Holding long-haul fiber network. As a result of the Viatel acquisition, Global Voice owns and operates Europe's highest-capacity fiber optic network that combines "long-haul" (country-to-country/city-to-city) with "last-mile" (inner-city) fiber, connecting Europe's largest cities and economies. No other industry player has the capacity (in excess of 6.4 million kilometres), nor the end-to-end reach of euNetworks.

The massive fiber capacity enables Global Voice to offer a unique pricing and business model - "private fiber networks," - delivering dedicated, secure, un-metered fiber strands to customers and providing virtually unlimited bandwidth at a flat rate.

Global Voice Group is the parent company of euNetworks, owner of Europe's highest-capacity fiber network worth more than €2 billion. [+]

STAR Pharm New Product Launch

STAR Pharmaceutical Limited has received approval from China's State Food and Drug Administration to manufacture and market a new specialised prescription drug, Vecuronium Bromide for Injection. Total annual market sales of Vecuronium Bromide in China is estimated to exceed RMB100 million.

Vecuronium Bromide for Injection is a muscle relaxant. It is indicated as an adjunct to general anesthetic, to facilitate endotracheal intubation and to provide muscle relaxation during surgery or assisted breathing. Four companies in China have production approval for this product, including STAR.

The launch of the new product is in line with the Company's strategy of developing subgroups or series of products for synergies in sales and distribution. The company will continue to carry out R&D activities of anesthetic products with promising potentials.

STAR Pharm is specialised in the manufacturing and sale of both western and TCM-formulated prescription drugs. [+]

UTAC 2Q06 Net Profit More Than Doubles To $15.5 Million; Raises FY06 Revenue Growth Target To 70% From 40% Previously

•  2Q06 revenue grew 55.7% over 2Q05 to $120.5 million.

•  12th consecutive quarter of sequential revenue growth and profitability.

•  Guidance of 30% to 35% sequential revenue growth in 3Q06 over 2Q06.

•  2Q06 results include one month of contribution from new Thai subsidiary; 3Q06 results will see full quarter contribution from UTAC Thailand.

•  Revising FY06 revenue growth target from 40% to 70% over FY05.

United Test and Assembly Center Ltd is a leading independent provider of semiconductor assembly and testing services for a broad range of integrated circuits including memory, mixed-signal, logic and radio-frequency ICs. [+]

Samudera Acquisition Of Chemical Tanker, Sinar Busan

Wholly-owned subsidiary, Foremost Maritime Pte Ltd, has acquired a new build chemical tanker, Sinar Busan, with capacity of 11,420 dwt.

Sinar Busan, built by STX Shipyard in Korea, was delivered to the Group on 20 July 2006 and will be on a three-year time-charter contract, transporting various chemical products within the China-India region. The vessel has started its maiden voyage on 24 July 2006, under time charter, loading 10,000 MT caustic soda from Jinzhou, China to West Coast India.

The acquisition is in line with the Company's goal to position itself as a reliable logistics partner to provide high quality transportation and logistics services to excellent customers in Asia region by providing modern and young tonnage of size optimum to customers' needs.

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. [+]

Venture To Acquire GES International

Venture Corporation Limited and GES International Limited have entered into an Implementation Agreement under which Venture will acquire all the issued ordinary shares of GES. The offer, priced at S$1.25 per share, equates to a potential deal value of S$980m, with GES having approximately 784m shares and options outstanding.

The acquisition of GES will strengthen Venture's position as a leading electronics services provider and value chain manager, by enhancing its design capabilities in niche product areas and allowing it to address a wider market segment.

Based in Singapore, GES provides original design and manufacturing services for Point-of-Sale systems and other industrial applications such as metering products, industrial controllers and diagnostic test equipment as well as original equipment manufacturing for electronics products. GES has manufacturing facilities in the People's Republic of China, Singapore, Malaysia and the USA. For the fiscal year ended June 2005, GES registered sales of S$624m and a net profit of S$45m.

Venture Corporation Limited ranks among the top electronics services providers in the world and offers comprehensive expertise in electronics manufacturing services, ODM and e-fulfillment services. [+]

OSIM Scales New Heights

In 2Q FY2006, the OSIM core operations recorded another very strong quarter. Group revenue grew 36% to $183.3 million and EBITDA rose 109% to $34.8 million. For the six months ended 30 June 2006, group revenue rose 53% to a record $338.6 million and EBITDA rose 114% to $58.2 million.

This improvement was driven by worldwide customer demand for OSIM's full range of massage chairs and new healthy lifestyle products across the Group's growing network of point-of-sales outlets, which resulted in higher same-store sales in many of the larger and more efficient OSIM Focus outlets.

OSIM is a global leader in branded healthy lifestyle products. [+]

Food Empire Proposed Acquisition

FES (Mauritius) Ltd, a wholly-owned subsidiary of the Company, has on 26 July 2006 entered into a conditional Sale and Purchase Agreement with Euro-Asia Dynamic Ventures Ltd, Bestgate Investments Ltd and Grudeff Ventures Limited to acquire from Euro-Asia 50% of its shareholding interest in each of Simonelo Limited and Triple Ace Ventures Limited for an aggregate purchase consideration of US$3,600,000 to be paid to Euro-Asia on completion.

The current production facility cum warehouse of the Company's subsidiary is part of the SNB Invest Property fully owned by Simonelo Limited leased from SNB Invest. There is a possibility that should the Group expand its manufacturing activities further in Russia, and it could potentially lease from SNB Invest the neighbouring warehouses within the SNB Invest Property premises.

Food Empire Holdings is a leading food and beverage company that manufactures and markets instant beverage products, frozen convenience food and confectionery. [+]

Boustead Energy-Related Engineering Subsidiary Secures S$40 Million In Oil & Gas Contracts

An energy-related engineering subsidiary of the Company has been awarded two contracts totalling S$40 million in the oil & gas industries. One of the contracts valued at S$35 million is one of the largest contracts to date for Boustead's energy-related engineering division. 50% 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 key process equipment for large refineries in the Persian Gulf States for major multinational oil & gas companies.

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

Best World's Net Profit Up 32.6%

Best World International Limited posted a 32.6% increase in net profit to S$5.8 million on the back of a 39.4% surge in revenue to S$35.1 million for the six months ended 30 June 2006. The strong performance was attributable to robust demand for its products in the key markets of Singapore and Malaysia. The Group's growth in revenue was also due to increase in memberships as well as Lifestyle Centres.

Gross profit jumped 39.1% to S$27.2 million in line with the increase in revenue. In line with growth in revenue, profit before tax rose 28.9% to $7.7 million. Overall, this led to a 20.5% rise in the Group's earnings per share to 3.495 cents. The Group's operations continued to generate strong cash flows, with net operating cash flow of S$7.6 million compared to S$3.1 million in the previous corresponding period.

Best World International Limited is a company specializing in the development and distribution of quality health and lifestyle products for its regional direct selling members. [+]

Oniontech Additional Investment In Guangzhou Oniontech Information Technology Limited

Oniontech Limited has invested an additional sum of US$300,000.00 in its wholly-owned subsidiary, Guangzhou Oniontech Information Technology Limited. The registered capital will increase from US$750,000.00 to US$1,050,000.00.

Oniontech Limited is a provider of software solutions and content-related services for value added services in mobile telecommunications. [+]

CAO Closes Latest Jet Fuel Tender For September 2006 Deliveries

China Aviation Oil (Singapore) Corporation Ltd had closed its latest physical Jet Fuel tender for delivery in September 2006. This was the third Jet Fuel tender procurement the Company completed on the principal basis since its restructuring exercise.

CAO's latest tender received responses from 9 physical Jet-Fuel suppliers, including some oil majors, and oil trading companies. For this tender, a total volume of 434,000 metric tonnes of A-1 Grade Jet Fuel was awarded, including one emergency cargo of 23,000 metric tonnes to be delivered in August. The cover ratio of the tender was approximately 2.8 times.

From January to September in 2006, the total tender volume is 3.13 million metric tonnes, a 61% increase from 1.94 million metric tonnes for the same period in 2005.

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


Joint Venture between ASTI Holdings Limited and Advance SCT Limited

The JV agreement signed in Singapore, sets out the framework for ASCT and ASTI to establish a 51% ASCT and 49% ASTI Joint Venture Company, A-SCT Semicon Recycling Industries Pte Ltd to provide metal and other material recovery and recycling capabilities to ASTI and its customer base in Asia.

Advance SCT engages in printed circuit board testing services, distributes PCB related materials & equipment and rents PCB related equipment. With recent acquisitions it now has two engines of growth namely non-ferrous, ferrous & other material recycling and PCB & IC substrate testing services. [+]

Bio-Treat Strengthens Recurring Revenue Stream With New Kunshan City And Wuhan City TOT Projects Worth RMB376m

These latest contract build on Bio-Treat's first large-scale underground wastewater treatment project win in Beijing.

The Kunshan City TOT project involves the acquisition of an existing wastewater treatment plant by the company, which is previously a municipal turnkey project of the Company, secured for the provision of the Company's proprietary BMS wastewater treatment services back in February, 2004. The contract period is for 29 years, after which, the Company will transfer the plant to the Kunshan municipal government at nil consideration.

The Wuhan City TOT project involves the acquisition of an existing water supply plant. Bio-Treat will carry out modification work to the plant, and own and operate it for a period of 29 years, after which, it will transfer the plant to the Wuhan municipal government at nil consideration.

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. [+]

Sun Business Network Distribution In Specie

SBN is proposing a distribution of dividend by way of a dividend in specie on the basis of 6 SNMD shares for every 1,000 shares held in the capital of the Company.

SNMD is a NASDAQ OTCBB listed company and has an issued share capital comprising 103,789,630 shares as at 30 June 2006. The Distribution Shares are part of the company's total shareholding of 13,098,320 shares in SNMD. Based on SNMD's last traded price of US$3.45 on 24 July 2006, the market value of all the shares in the capital of SNMD held by the Company amounts to US$45.2 million and the dividends in specie on the basis of 6 SNMD shares for every 1,000 shares held in the capital of the Company will be worth approximately S$33.

Sun Business Network is a leading home-grown publisher of niche magazines with activities in Singapore, Malaysia and Hong Kong. [+]

Bio-Treat Wins A New Turnkey Municipal Project Worth RMB270 Million In Shenzhen City

The RMB 270 million contract in Shenzhen City, Guangdong Province, the People's Republic of China, includes the construction of a new municipal wastewater treatment plant based on Bio-Treat's proprietary BMS Biological Process Technology, and a set of drainage pipes.

Construction is scheduled to begin in August 2006 with completion expected to take approximately 18 months. When completed, the plant will be capable of treating up to 240,000 tons of wastewater per day.

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. [+]

Eucon's Net Profit Rises 8-Fold To $4.0 Million In 2Q06 On The Back Of Higher Revenue

Group revenue for 2Q06 increased 124% to $26.3 million, due mainly to the strong contribution of the Group's full-fledged PCB operations and increased sales from all four business segments. Net profit for the quarter rose to $4.0 million, reflecting higher sales and better margins.

Eucon is venturing into the South Korean market with its newly established subsidiary. Eucon aims to capitalise on the growth potential of South Korea's expanding electronics and mobile communications sectors by serving the Korean PC manufacturers.

Eucon Holdings Limited is an integrated PCB solution provider for PCB manufacturers in China and Taiwan. [+]

Swissco Confirms Order For One Unit Offshore Support Vessel At S$8.9m

Wholly-owned subsidiary, Swissco Offshore Pte Ltd has ordered a 55m multi-purpose offshore support vessel from a Chinese shipyard in Guangzhou, PRC.

The 55m vessel when delivered in 1st half 2008, will be the Group's 1st vessel that will incorporate not only anchor handling, but also bulk cargo handling capability. Better known in the Offshore market as an Anchor Handling Tug Supply vessel, the new order is in line with the Group's commitment to grow its offshore support vessel fleet particularly to service the Oil and Gas industry.

Swissco is one of the leading operators of a young and modern fleet of offshore support vessels, providing marine logistical and support services to the shipping and offshore oil and gas industries. [+]

China Petrotech Acquires 48% Effective Interest In A Cambodia Offshore Oil And Gas Block

China Petrotech Holdings Limited has signed a sale and purchase agreement to acquire 48% equity interest in China Zhen Rong Cambodia Energy Co., Ltd. from Power Unicorn Investments Ltd. for US$5.76 million. Following the transaction, the shareholding interests in CZRCE are as follows: CPHL (48%), PUI (27%), Guangdong Zhen Rong Energy Company, Limited (20%) and China Finance Fund Ltd. (5%).

CZRCE is a company registered in the Kingdom of Cambodia. It was granted a Production Sharing Contract by the Cambodian National Petroleum Authority for Cambodia Offshore Oil Field Block D in April 2006. Under the terms of the PSC, CZRCE has the sole exploration rights for Block D for 7 years and production rights for 30 years.

The Cambodia Offshore Oil Field Block D is located off the coast of Cambodia. It covers an area of 5,506.9 sq. km. Currently CZRCE is the operator of Block D PSC and CPHL is the technical advisor and project manager. Upon the completion of the acquisition, CPHL will become the sole operator of Block D PSC with full discretion to manage the project.

In respect of the Block D PSC, the Company plans to undertake a 200 sq. km 3D seismic acquisition program in the next few months before deciding on the follow-up exploration well drilling program.

China Petrotech Holdings Limited is a leading technology-based oilfield service provider. [+]

Best World First Singapore Direct Seller To Clinch RHQ Status

Best World International Limited has been awarded the Regional Headquarter Status by the Singapore Economic Development Board. With this award, Singapore will serve as the Asia Pacific headquarters for its subsidiaries. Best World is the first direct selling company in Singapore to achieve the RHQ status.

Best World's more than 15 years of successful operations in Singapore enables it to continue leveraging on its unique business model to expand its regional presence. The HQ located in HDB Hub Toa Payoh, is equipped with state of art training capabilities and support services functions to ensure all potential growth.

Currently the Group has 9 Regional Centres and 49 Lifestyle Centres spread across the major cities of Singapore, Malaysia, Indonesia, Hong Kong, Taiwan, Brunei, Vietnam and Thailand. It is also gearing up to expand into PRC, Philippines, South Korea, India and Japan by 2010.

Best World International Limited is a company specializing in the development and distribution of quality health and lifestyle products for its regional direct selling members. [+]

OKP Holdings Increase Of Investment In Eng Lam Contractors Co (Pte) Ltd

OKP Holdings Limited has increased its investment in its wholly-owned subsidiary company, Eng Lam Contractors Co (Pte) Ltd from $3,200,000 to $5,000,000. The increase in the issued and paid-up capital of EL was made by the capitalisation of $1,800,000 from EL's unappropriated profit.

OKP Holdings Limited is involved in the construction and maintenance of roads in Singapore. [+]

SP Chemicals Sets New Quarterly Earnings Record Of RMB74.1 Million

For the second quarter of 2006, SP Chemicals achieved record revenue of RMB363.2 million, an increase of 16% compared to RMB312.7 million reported for the corresponding quarter in 2005. Export sales contributed 9% to Group revenue in 2Q FY06. Net profit for the quarter, which grew more strongly than revenue, reached RMB74.1 million, up 31% from RMB56.4 million achieved in 2Q FY05.

Leveraging on its low cost structure and economies of scale, SP Chemicals' growth continues to be increasingly profitable as reflected in its stronger profit margins. For the quarter under review, net margins increased from 18.0% to 20.4%.

The Directors have approved an one-tier tax exempt interim cash dividend payment of 4.9 RMB cents per ordinary share.

SP Chemicals is the largest chlor-alkali producer in Jiangsu Province, and the third largest aniline producer in the PRC as at 30 June 2006. [+]

EC-Asia International Unveils New Corporate And Brand Identity, Announces Foray Into Consumer Lifestyle Devices

EC-Asia International has adopted a new red logo featuring the company name in abbreviation ‘ECI', as well as a new vision statement "Enjoy Continuous Innovations". This is to foster a stronger corporate identity, as well as to set the company vision to grow beyond its current business of designing, manufacturing and distribution of DRAM and flash memory products.

To commemorate the corporate and brand identity revamp, ECI also introduced the unique, patented 5-in-1 multi-functional ACEplus Melody, an integrated Bluetooth headset cum digital music player and memory card reader. ACEplus Melody allows for stereo playback of MP3/WMA music tracks, and receives phone calls from a Bluetooth-enabled mobile phone or Internet calls via a Bluetooth-enabled computer running popular Internet telephony applications such as Skype and MSN Messenger.

EC-Asia International Limited is an Australian listed company focusing on developing, manufacturing and distributing of DRAMs and Flash Memories, as well as the distribution of renowned brands of IT&T hardware, software and peripherals. [+]

CEO's Walk The Talk

"..We are delighted to successfully conclude the discussions on the Joint Venture with ASTI Holdings. This is an important affirmation of the confidence ASTI has in ASCT as the defecto manufacturing material recycling partner. Advance SCT is leveraging on the synergies with its successful acquisition of Green World Holdings, the one of the leading non-ferrous recycler in Asia and expanding its network within Asia through this Joint Venture..."
Mr Terence Tea
Group Chairman and Chief Executive Officer
Advance SCT Limited

Highlighted Company

Enviro-Hub is today, one of the largest providers of total environmental management solutions and services for the global electrical, electronic and equipment industries. It provides a whole spectrum of services such as management and recycling of electronic waste, recovery and refining of Platinum Group Metals, ferrous and non-ferrous metals, plastics and chemicals, copper smelting and refining as well as recovery and recycling engineering plastics and manufacturing of IC trays using recycled engineering plastics. We have a strategic network spanning 18 countries worldwide.

Our Group today comprises 10 subsidiaries and 1 associated company. These include two newly acquired subsidiaries which are Cimelia Resource Recovery Pte Ltd (63.7% owned) and HLS Electronics Pte Ltd (65% owned). Cimelia Resource Recovery Pte Ltd is involved in electronic waste management, Platinum Group Metals recovery & refining and HLS Electronics Pte Ltd recovers and recycles engineering plastics and manufactures IC trays using recycled engineering plastics and trade in electronic wastes. Our wholly owned subsidiary, e-HUB Metals Pte Ltd (previously known as Grand Hardware & Machinery Pte Ltd), now trades and processes ferrous and non-ferrous metals.

Historical Price Data
 Date Open High Low Close
 28 Jul 2006  0.370  0.375  0.370  0.375
 27 Jul 2006  0.370  0.370  0.370  0.370
 26 Jul 2006  0.375  0.375  0.375  0.375
 25 Jul 2006  0.375  0.375  0.370  0.375
 24 Jul 2006  0.370  0.375  0.370  0.375

Historial EPS ($) a
Rolling EPS ($) e
NAV ($) b
Historical PE
Rolling PE f
Price / NAV b
Dividend ($) d
52 Weeks High
Par Value ($)
  SGD 0.200
Dividend Yield (%) d
52 Weeks Low
Market Cap (M)
Issued & Paid-up Shares c
a Based on latest Full Year Results Announcement
b Based on latest Results Announcement (Full Year, Half Year or Interim)
c Rounded to the nearest thousand. Updated on 07/06/2006. Please click here for more information.
d Dividend is based on latest Full Year Results Announcement and excludes special dividend
e Summation of the earnings from the latest 4 Quarter (or 2 Half Year) results announcement, adjusted for the current number of shares.
f Based on rolling EPS

30 Jun 2006 Announcement Of Appointment Of Group Financial Controller
30 Jun 2006 Re-Designation Of Finance Manager To Group Financial Controller
22 Jun 2006 Enviro-Hub To Set Up Singapore's First Copper Smelting & Refinery Plant
13 Jun 2006 Bonus Issue Of 114,184,124 New Ordinary Shares In the Capital Of Enviro-hub Holdings Ltd (the "company") On the Basis Of One Bonus Share For Every Three Existing Ordinary Shares Held By the Shareholders Of The Company
19 May 2006 Enviro-Hub To Issue 114,148,444 Bonus Shares

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