
An investment in UFS gives investor a forestry concession, a soon-to-start wood chip mill, a yet-to-build pulp mill, and construction business. DMG value these businesses at 74 cents per share.
DMG initiate coverage with a BUY recommendation and 12-month price target of 44 cents.
UFS operates two business divisions, namely forestry, pulp and wood chip production in South Kalimantan, Indonesia, and construction and property development in Singapore. [+]

For the first quarter ended 30 September 2006, Bio-Treat recorded a 5.4% increase in operating profit to RMB82.8 million, from RMB78.6 million in the year-ago quarter, translating to a healthy operating margin of 27.0%.
Turnover for the 3-months, which increased by nearly 10% from RMB279.2 million to RMB306.3 million, reflects the impact of discharging fees received from Transfer-Operate-Transfer projects which started contributing to Group sales since January, 2006, and from the increase in BMS product sales.
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. [+]

• Revenue grew 11% to RMB 142.6m.
• Net profit jumped 113% & net profit margin expanded to 32.7%.
• Group revenue expected to balloon in Q4 2006
• Positive outlook for FY2007
Sunshine Holdings Limited is an award winning Henan-based developer of residential and commercial properties. [+]

• Continues to Perform Well in Crane Rental and Spare Parts division in 2QFY2007.
• Gross Margin Improves to 29.2% in 2QFY2007.
• General Equipment Rental division performed below expectations.
• Increase of 15% in interim dividend payout to 1.5 cents from 1.3 cents per share less 20% tax.
• On Track to Deliver 3-Year Target of Net Profit CAGR of 25%.
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. [+]

Net profit after tax rose 9.4% to $18.6 million in 3Q06 from $16.9 million in 3Q05 on the back of revenue of $282.8 million and $476.3 million, respectively. The decline in revenue is due largely to transition of certain wireless programmes from turnkey to consignment basis.
Fully diluted earnings per share rose to 4.18 cents in 3Q06 as compared to 3.80 cents in 3Q05. Net asset value backing per share was 47.12 cents as at 30 September 2006 compared to 40.64 cents as at 30 September 2005.
Jurong Technologies provides Electronics Manufacturing Services to local as well as overseas electronics Original Equipment Manufacturers. [+]

Enviro-Hub Holdings Ltd reported a 134.3% jump in net profit to S$6.7 million for the nine months ended September 30, 2006. This came on the back of a 309.2% increase in Group turnover to S$65.1 million for 9MFY2006, from the S$15.9 million recorded in the previous corresponding period.
The Group's gross profit improved 285.9% from S$3.7 million in 9MFY2005 to S$14.3 million in 9MFY2006.
Earnings Per Share for 9MFY2006 grew by 29.5% to 1.14 SGD cents, supported by solid revenue growth and improvement in gross profit. Net Asset Value Per Share was 19.18 SGD cents as at September 30, 2006 compared with 18.25 SGD cents as at December 31, 2005.
Enviro-Hub Holdings Limited is one of the largest providers of Total Environmental Management Solutions & Services for the Global Electrical & Electronic Equipment industries. [+]

Swiber Holdings Limited achieved a 310.3% surge in net profit to a record US$5.6 million for three months ended 30 September 2006, compared with US$1.4 million in the corresponding quarter last year. Revenue rose 748.4% to a record US$29.2 million, from US$3.4 million previously, driven by significant increase in the level of activities for its offshore EPCIC business.
The latest quarter results pushed its earnings per share to 3.01 US cents from 1.80 US cents, while net asset value per share rose 43.0% to 9.38 US cents as at 30 September 2006.
Swiber is a niche service provider to the offshore oil and gas industry, with a complementary business in the supply of marine support vessels. [+]

• 1HFY2007 revenue up 57.8% to HK$2.3 billion; profit for period doubled to HK$256.7 million, and profit attributable to equity holders of the Company up 47.3% to HK$128.6 million.
• Strong performance attributable to growth in core frozen fish supply chain management business; additional impetus offered by fast-growing fishing division.
• 2QFY2007 sales and net profit up year-on-year despite seasonally lower global frozen seafood consumption during summer.
Pacific Andes (Holdings) Limited is a leading harvester and supply chain manager of frozen fish products to the international market. [+]

RSH Limited is back again with the debut of another trendsetting fashion name, Pull and Bear.
Pull and Bear is another Spanish label managed by the Inditex Group, one of the world's largest fashion groups. Other labels under the Group's portfolio include Massimo Dutti, Bershka, Stradivarius, Oysho and the renowned Zara.
With 447 shops in 24 countries, Pull and Bear's success story has now found its way to Singapore, with the first store opened in September at Ngee Ann City.
RSH Limited is the leading pan-Asian marketer, distributor and retailer for sports, golf, active lifestyle and fashion products. [+]

Memory Devices Limited announced strong 9M06 revenue of US$226 million, up 90% yoy, while its net profit rose 42% to 9.8 million.
The 3Q's net profit was a record US$3.7 million on sales of US$83.9 million. Margins improved slightly on overwhelming demand for DRAM modules as Windows Vista's launch nears.
Memory Devices Limited is engaged in the research and development, manufacture, and sale of solid state memory storage products for use in personal computers, laptops, servers, and networks as well as a wide array of consumer electronics, industrial and communications applications. [+]

• Proposes interim 3Q cash dividend of 0.50 Singapore cents per share.
• Revenue up 73% to S$27 million.
• Net Profit up 54% to S$6.6 million.
• EPS up 39% to 0.78 Singapore cents.
• NAV up 60% to 19.28 Singapore cents.
Midas is a leading manufacturer of aluminium alloy extrusion products and polyethylene pipes, primarily for the infrastructure and transportation industries in the PRC. [+]

ChinaCast Communication Holdings Limited largest revenue segment continues to be its University Distance Learning Solutions, which grew to RMB22.5M in 3Q06, 26% higher than the same period last year.
As of the end of the September quarter, a total of 128,000 students were enrolled in university/post-secondary degree courses using ChinaCast's distance learning platform. This is 32% higher than the same time last year.
ChinaCast is in a strong cash position and its cash, bank balances and term deposits on hand amounted to RMB436 million, an increase of over RMB72 million since the end of 2005.
ChinaCast provides e-learning services and content to educational institutions, government agencies and Fortune 500 enterprises. [+]

China Petrotech Holdings Limited registered net profit attributable to shareholders of RMB 15.2 million in the third quarter of FY2006, up from RMB 12.5 million in 2Q2006.
Revenue rose slightly to RMB 23.6 million from RMB 22.3 million in 2Q2006. Earnings per share was RMB 6.2 cents compared with RMB 5.1 cents for 2Q2006.
China Petrotech Holdings Limited is a leading technology-based oilfield services company providing services such as technical advisory, E & P project management as well as specialized upstream oil and gas software solutions. [+]

Raffles Education Corporation Limited reported a 38% increase in net profit to S$9.6 million for the first quarter ended September 30, 2006. This was on the back of a 34% increase in revenue to S$27.0 million, from S$20.1 million 1QFY2006.
The strong revenue performance was mainly attributed to an overall increase in student enrolment in the Group. The Board has declared an interim 1Q dividend of 0.9 cents per ordinary share for 1QFY2007.
RafflesEducationCorp is the leading education group in Asia. [+]

• Another consecutive record-breaking quarterly results.
• Revenues up 11% supported by increasing sales of cardiovascular & cerebrovascular drugs and other specialized drugs.
• Net profit up 20% to RMB15.2 million, record high on business and margin expansions.
• 9M06 net profit already exceeded full-year FY2005 net profit by 13%.
STAR Pharmaceutical Limited specialised in the manufacturing and sale of both western and TCM-formulated prescription drugs. [+]

Global Voice Group was awarded "Best New Wholesale Player" by the leading telecommunications publication, Capacity Europe. The award was announced at its Annual Global Wholesale Awards ceremony in Amsterdam last night, with the judges singling out Global Voice for its innovative business offering of private fiber networks.
Capacity's Annual Global Wholesale Awards recognizes top wholesale telecommunications providers and "Best New Wholesale Player" is one of the highest honours a provider can receive. A panel of leading telecom industry analysts from the Yankee Group, Ovum and ATLANTIC-ACM as well as the editors of Capacity selected Global Voice Group from a very competitive category.
Global Voice Group Limited owns and operates Europe's highest capacity fiber network and provides mission critical communication infrastructure and services to large corporates, carriers, and service providers. [+]

Thai Beverage Public Company Limited sales revenue in the 3rd quarter of 2006 was 20.74 billion baht, a slight increase from the same period in 2005. While revenue from the first nine months of this year totals 67.37 billion baht, a slight increase from the same period of last year.
The 3rd quarter's net profit was 2.285 billion baht, an increase of 5.5% over the same period last year which was 2.165 billion baht. The total profit for the first nine months of this year is 7.394 billion baht, a slight decrease from last year's figure as a result of higher prices of raw materials such as molasses, and the cost of fuel. However, the total sales from the 3rd quarter was an improvement of last year's due in part to the bigger demand for Hong Thong whisky and Archa Beer.
Thai Beverage is the leading producer of beer and spirits in Thailand by sales revenue and production volume, and one of the leading brewers and distillers in Southeast Asia. [+]

Trek 2000 International Ltd will be showcasing the Chez Solution and other security related ThumbDrive® USB flash drive products at the GITEX 2006 exhibition in Dubai from 18 - 22 November 2006.
Trek is represented by Trek Systems (M) Sdn Bhd in GITEX 2006. Trek Systems is a wholly-owned subsidiary and research and development centre of Trek 2000 located in the Multimedia Super Corridor, Malaysia.
The Chez Solution offers a cost effective means to block unauthorized portable mass storage devices in an enterprise IT environment. With the growing demand by financial, defense, healthcare and other sensitive industries, and corporate businesses globally for higher levels of security protection on their data, Chez will mitigate the risk of data pilferage and loss.
Trek 2000 International Ltd, an industry leader, innovator and patent owner of the ThumbDrive® offers state-of-the-art design solutions ranging from portable storage devices, digital technology, wireless, and encryption to sophisticated Enterprise solutions all catering to the fast changing digital industry. [+]

Noble Group Limited has launched a 2 year US$450 million Committed Guarantee Facility.
Noble mandated ING Bank NV, Societe Generale Corporate & Investment Banking and Standard Chartered Bank to arrange the facility in support of its Group's trading activities and in connection with its obligations to issue Standby Letters of Credit, Bank Guarantees, Bid Bonds and Performance Bonds.
Noble Group Limited is a market leader in managing the global supply chain of agricultural, industrial and energy products. [+]

Riverstone Holdings Limited initial public offering has received strong response from investors in both the placement and offer tranches.
Based on the total invitation size of 78 million Shares, the IPO is approximately 8.2 times subscribed. Phillip Securities Pte Ltd is the Manager, Underwriter and Placement Agent for Riverstone's IPO.
Riverstone manufactures and supplies cleanroom consumables for use in high-tech industries where certain manufacturing and assembly processes are required to be carried out in a highly controlled dust-free and electrostatic-free critical environment. [+] |
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• S$0.8M profit in 3Q FY2006 from S$9.1M loss in 3Q FY2005.
• Fourth consecutive quarter of profitability.
• Order book of S$267.3M at the close of 3Q FY2006.
Singapore Computer Systems is a leading information and communications technology service provider in Asia. [+]

• Group recorded net profit of S$0.05 million on total sales of S$3.5 million.
• Group operating profit before investment in working capital turned positive to S$1.1 million.
• Group NAV rose from 0.28 cents in H1/FY06 to 0.49 cents in H1/FY07.
• Group cash position turned positive to reach S$1.1 million.
• Group has secured orders in hand of US$4.5 million for BGAN terminals.
Addvalue Technologies Ltd is a leading one-stop digital, wireless and broadband communications technology products innovator, which provides comprehensive satellite communication solutions, tracking and telemetry communication solutions and digital wireless design services. [+]

For the nine months ended September 30, 2006, Celestial NutriFoods Limited reported a 36.0% increase in net profit to RMB267.1 million. This was on the back of 40.5% increase in sales to RMB786.5 million.
The Soybean Zone, which Celestial co-developed with Daqing City Government in PRC's Heilongjiang Province, has greatly increased the Group's manufacturing capacities from 53,000 tonnes to 213,500 tonnes per annum.
Celestial NutriFoods Limited is a leading manufacturer of soybean protein-based food & beverage products with ISO9002 and NQA-certified manufacturing facilities and an annual production capacity of 213,500 tonnes. [+]

Boustead Singapore Limited energy-related engineering division has been awarded two contracts totalling S$32 million. Less than 25% of the value of these contracts is expected to be recognized within the current financial year ending 31 March 2007.
The two contracts involve the design, process engineering and construction of key process equipment for large refineries in North America and a country bordering the Caspian Sea.
Boustead is a progressive global Engineering Services & Geo-Spatial Technology Group. [+]

For the nine months ended Sept 30, 2006, Luzhou Bio-chem Technology Limited profit after tax rose 73.6% to RMB82.7 million. This was achieved on the back of a 39.5% increase in revenue to RMB1,060.9 million.
The Group's strong revenue performance during the nine months under review was mainly driven by higher demand for its corn sweetener products. Revenue from corn sweetener products increased 45.0% to RMB704.4 million in 9MFY2006, contributing 66.4% of total revenue during the period under review. This was attributed mainly to the 59.7% rise in revenue from customers in the food and beverage industry.
Luzhou Bio-chem Technology Limited is a leading corn refiner and one of the largest producers of corn sweeteners in the PRC. [+]

Meghmani Organics Limited reported robust business growth for the six months ended 30 September 2006 despite continued hikes in raw materials costs and pricing pressures in its agrochemicals division.
Bolstered by strong sales in its Pigments division, Group revenue reached Rs 2.4 billion, more than double that achieved in the preceding quarter of Rs 1.0 billion, and a 23.4% improvement from revenue of Rs 1.9 billion in the corresponding period last year. Net profit improved 7.7% to Rs 197.0 million from Rs 182.9 million previously.
Based on the weighted average ordinary shares in issue during the period, earnings per share was Rs 0.98 as compared to Rs 0.91 previously whilst earnings per SDS was Rs 0.49 compared to Rs 0.46 a year ago. The Group's net asset value per share increased to Rs 12.93 as at 30 September 2006, from Rs 12.27 as at 31 March, 2006.
Meghmani is a manufacturer of pigments and Pesticides in India. [+]

• 56.1% growth in 9MFY2006 net profit to US$44.8 million on 56.5% jump in revenue to US$121.0 million, attributed by expanded fishing and onboard processing capabilities as well as robust product prices.
• Strong growth in main PRC market matched by significant growths in secondary markets: Japan/Korea for roe and Europe for fillets.
China Fishery is a global, integrated industrial fishing specialist with governmental rights to fish in diverse locations across the world's oceans. [+]

• AKIRA posts 13.7% growth in turnover, achieving the Group's target of 50% of consumer electronics sales for 1HFY07.
• EBITDA increased 26.7% to S$14.7 million in 1HFY07 compared to S$11.6 million in 1HFY06.
• Earnings per Share increase by 7.5% from 0.79 cents to 0.91 cents.
• Group's gross margin after freight and handling charges for the 2Q07 increases by 3.95 percentage points due to higher AKIRA sales and emphasis on distribution business.
TT International Limited is a leading international trader and distributor of consumer electronics. [+]

The Group's net profit surged 273.2% to HK$22.9 million, from HK$6.1 million achieved in the same interim period last year. The sharp earnings growth in 1H FY07 was achieved despite only a modest 3.2% revenue growth to HK$1,113.5 million. PRC sales contributed 44.9% of Group revenue in 1H FY07, up from 33.6% of total sales previously.
Basic earnings per share jumped to 7.48 HK cents as compared with 1.99 HK cents in 1H FY06. Net asset value per share rose to 109.83 HK cents as at 30 September 2006, from 108.34 HK cents as at 31 March 2006.
Hong Kong-based Willas-Array is principally engaged in the distribution of active and passive components for use in the audio/video, telecommunications, industrial, consumer and computer segments. [+]

Ocean Sky International Limited announced a 66.8% increase in its profit before tax to S$4.8 million for the third quarter ended September 30, 2006, on the back of a 4.9% increase in Group revenue to S$102.7 million.
Earnings Per Share for 9MFY2006 improved 40.9% to 2.48 SGD cents, supported by double-digit revenue growth and improvement in gross margin. Net Asset Value Per Share registered for the Group was 19.98 SGD cents as at September 30, 2006.
Ocean Sky International Limited is a global one-stop fully integrated apparel manufacturer with end-to-end Supply Chain Management services from design to distribution. [+]

Olam International Limited reported a Net Profit After Tax of S$8.1 million for the quarter ended
September 30, 2006, achieving a 23.8% increase over the previous corresponding period.
Sales volume grew by 20.8% from 0.557 million tons to 0.673 million tons while Sales Revenue was up 26.6% to S$903.8 million from S$713.7 in Q1 FY2006, with the growth in Revenue being entirely organic.
Olam is a leading global integrated supply chain manager of agricultural products and food ingredients. [+]

• Year-to-date net profit 115.6% higher at RMB 213.8m.
• Export sales contributes 39% with successful penetration in US and Europe.
• Pushing ahead with acquisitions of 2 cold rolling licenses, adding 1m mt of capacity.
FerroChina is a leading manufacturer of galvanised steel coils in Asia. [+]

Group revenue jumped 38.4% year-over-year to S$69.8 million mainly due to the strong demand for both its membrane-based process/engineering services and downstream products, which experienced 26.9% and 68.8% growth respectively.
Net profit increased by 21.2% from S$16.0 million in 9m 2005 to S$19.4 million in 9m2006 due to the strong contribution from our downstream nutriceutical manufacturing business and the earnings contribution from Microdyn Nadir and Shandong TianLi Biochemical Co., Ltd
Sinomen provides integrated process and engineering solutions for separation, purification and cleaner production purposes for their customers in diverse industries through the use of its proprietary advanced membrane technology. [+]

CAO achieved sales revenue of S$1.46 billion for 3Q 2006 on the back of 1.29 million Metric Tonnes of jet fuel procured and delivered.
The Group achieved a net profit after tax of S$12.46 million for 3Q 2006. For the period up to 3Q 2006, net profit for the Group was S$369.44 million. This included the waiver of debts of S$311.63 million by the Scheme Creditors reported in the 2Q 2006 results.
China Aviation Oil is involved in the procurement of jet fuel and investment holding in the PRC. [+]

Sino-Environment Technology Group Limited has secured a desulphurization contract with Xinjiang Changji Power Plant. Phase one of the project, worth RMB 62.5 million, is for the construction of a desulphurization facility to cater to 2 x 125 Mw capacity plant.
This contract is expected to commence in 2Q2007 and will be completed by 2Q2008.
Sino Environment Technology Group limited is an environmental protection and waste recovery solution provider in the PRC. [+]

• New potato starch production plant commenced operations in early October 2006, increasing China Essence's potato starch production capacity from 60,000 tonnes to 100,000 tonnes per annum.
• New modified starch plant with annual capacity of 18,000 tonnes also commenced operations in early October 2006.
• Two additional potato starch production facilities in the pipeline, targeted for completion by the end of 2007.
• Additional plants will increase China Essence's total potato starch production capacity further, from 100,000 tonnes to 180,000 tonnes per annum.
• The Company will spend approximately RMB180 Million on the additional plants.
China Essence is a leading integrated producer of potato starch, modified starch and potato starch-based products such as vermicelli, starch strips and five-grain noodles in the PRC. [+]

British designer Ted Baker will open his first store in Singapore's Vivo City on 13th October 2006. This new 2802 Sq Ft bespoke shopping space will be located on the first floor in Cool Couture and will be the second of seven stores Ted plans to open before the end of 2006 fulfilling the first part of his Asia and Middle East expansion plans.
RSH Limited secured the exclusive rights to retail and market this increasingly popular and highly sought-after brand in South-east Asia and the Middle East. Ted will also open new stores in Dubai, Bangkok and Jakarta this year.
RSH Limited is the leading pan-Asian marketer, distributor and retailer for sports, golf, active lifestyle and fashion products. [+]

Soilbuild Holdings Limited will place out 13.3 million new shares at S$0.49 each to raise a net sum of S$6.2 million. The new shares represent about 7.11% of Soilbuild's existing issued and paid-up capital and 6.64% of its enlarged share base of 200.3 million ordinary shares.
The proceeds from the placement will help fund Soilbuild growth plans in the residential property market. It will improve share liquidity as well as meet the interest of institutional investors. Of the net proceeds S$3 million will be allocated for the acquisition and re-development of the Furama Tower site at 22 Leonie Hill Road and for future acquisitions. The balance of the proceeds will be used for the Group's working capital needs.
Soilbuild is a boutique developer of prime residential properties and a niche player in the commercial and industrial property segment. [+]

Food Empire launched a sponsorship program to support computer training in secondary schools in Ukraine via its proprietary brand, MacChocolate™. The MacChocolate™ sponsorship provided the "Erudite" Gymnasium in Kiev, Ukraine with 10 Acer 1652 laptops, a projector and a printer.
It has been Food Empire's guiding principle in its sponsorship programs to actively engage and nurture children through educational training. By providing laptops and supporting equipment, we aim to give a child an opportunity to enhance his learning. By virtue of all children in a school having access to laptops, an environment of better learning is created and developed.
Food Empire Holdings is a leading food and beverage company that manufactures and markets instant beverage products, frozen convenience food, confectionery and snack food. [+]
"…we will continue to invest appropriately in our existing operations to create compelling and value-adding business solutions for our customers. We will also continue to refine and improve our processes to achieve better efficiency and productivity…"
Mr Raymond Ng
Executive Chairman
Enviro-Hub Holdings Ltd.
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