OCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> ListedCompany Newsletter
22 January 2007      
Volume `000 
 Gent Int
 PDC Corp
Weekly movement as at 19 January 2007
 Bukit Sem
 BukitSem W071113
 GLD 10US$
Weekly movement as at 19 January 2007

A-Reit: Secures new leases and renews old ones to chalk up
51, 816 square metres of net lettable area
JEL: Attracts the attention of prominent investors Sam Goi and Koh
Boon Kwee who take up a total of 50m shares worth $11m
Qian Hu: Sees 62.1 percent jump in profits for Q4 FY2006 raking in
C&O Pharma: Applies to Chinese State FDA for approval to market
PNA Hepatitis B treatment drug
FabChem: Australia-based Dyno Nobel Ltd acquires 29.9 percent
of its shares to become 2nd largest shareholder
Magnus Energy: Son of former Malaysian finance minister
increases stake in company by 10.6 percent

China Wheel Holdings: Begins work on third construction plant worth
RMB780m which will add 5m to its current production capacity
China HongXing: Secures contract to be official sportswear sponsor
of North Korea's 2008 Beijing Olympics team
K-Line: Looks to increase its current Aframax oil tanker fleet size 
from 10 to 20m by 2015 in a US$650m investment
Synear Food Holdings: Makes RMB150m in land purchases in
Chendu, Huzhou and Zhengzhou for new factory construction
Bio-Treat:  Gains Japanese partners in a 60-40 joint venture
Cosco: Focus on offshore rigbuilding and ship newbuilding 
expected to generate 60% of revenue within 3 years
Keppel Land: Subsidiary reveals $7.5m worth of full-year net
earnings compared to $1.3m last year

HOT Off The Press

Luzhou Bio-Chem Enters Agreement with China Construction Bank for New Share Placement

Luzhou Bio-Chem enters an agreement with the Singapore Branch of the China Construction Bank Corporation for the placement of 36,000,000 new ordinary shares at a price of S$0.735 for each new share which is a 7.1% discount from the closing share price traded on the SGX on January 11, 2007.

With this placement, the issued share capital of Luzhou will increase to 396,000,000 shares with the Placement Shares or approximately 9.01% of the enlarged issued and paid-up share capital.

Portions of the S$25.7 million of expected net proceeds will be allocated to partially finance construction of new production facilities and new production lines in their China operations. The balance will be used as working capital.

Luzhou Bio-chem Technology Limited is a leading corn refiner and one of the largest producers of corn sweeteners in the PRC. It currently operates four production facilities in the PRC, with a total production capacity of 650,000 tonnes per annum. Its facilities are strategically located in Fushun, Liaoning Province, Yishui, Shandong Province, Xingping, Shaanxi Province and Xiping, Henan Province, which straddle key corn and agricultural producing provinces to cover most parts of the PRC market and to be near sources of raw materials. Luzhou has embarked on a production capacity expansion in 2006. Luzhou's strength lies in its strong research and product development capabilities. Its products are used by its domestic and overseas customers as additives or ingredients in the manufacture of their products. Luzhou serves a diverse customer base in industries such as the food, beverage, fermentation, medical and pharmaceutical.

Devotion Eco-Thermal Limited Sets Up Subsidiary in Guangzhou, PRC

Singapore-based Devotion is in the process of incorporating a Chinese subsidiary.

The subsidiary known as Guangzhou Devotion Energy Technology Co., Ltd is expected to have a registered capital of US$12m and will be 70 percent owned by the parent company. Funds will be provided by the parent company's internal sources.

Its principal activities are the production and sale of emulsified green coke (ECG) and the research and development of new sources of energy and related equipment to use and harness these possible new sources of energy.

Devotion is a specialist in the development and fabrication of energy saving and environmentally friendly central heating infrastructure and related thermal equipment. Currently, its main products are the new generation central heating systems fuelled by gas or oil or powered by electricity which are primarily used in heating facilities for buildings such as hotels, office towers, residential buildings and shopping malls. It is also a turnkey central heating facilities service provider to townships, residential estates and commercial properties through long term Build Own Operate contracts with municipal authorities, property developers and owners.

Cosco Secures First Semi-Submersible Building Agreement

Cosco's shipyard subsidiary was awarded its first semi-submersible vessel deal worth US$200m when it signed a Letter of Intent with Marine Accurate Well ASA (Maracc). The actual contract will be signed later in China this month. The vessel will be built at the group's Zhoushan shipyard and is to be completed in 34 months.

In addition, the group's shipyard subsidiary has also secured over US$250m worth of new building and conversion contracts.

The principal activities of the Company are those of investment holding. The Group owns and operates ships. Its shipping-related businesses provide supporting services to the Cosco group, such as shipping agency services, ship repairs and container depots. The Group owns and develops property and engages in general trading.

HG Metal Unveils Project to Build New Production and Storage Facilities to Meet Increased Demand for Steel

HG Metal Manufacturing Limited leases land at Jurong Industrial Estate from JTC Corporation for about $546,044 a year.

The company's plans to invest a minimum of $6.92m for plant and machinery equipment over a span of 3 years beginning from March 21, 2007.

The development is intended to be a one-stop trading hub of steel products in Singapore and Malaysia.

The Company is a stockist and distributor of steel products and also a manufacturer of flat bars and mild steel lip channels (MSLC). In order to be a "one-stop supermarket", it stocks and distributes a wide variety of steel products including the following: Pipes/American Petroleum Institute (API) Pipes, MSLC, Ship Plates/Steel Plates, Channel Bars, Flat Bars, Angle Bars, Deformed Bars, Tubes/Hollow Sections and I-Beams/H-Beams. It sources its steel products from various countries including Turkey, Russia, Ukraine and other Eastern European countries. Its customers are mainly other stockists and retailers who purchase its steel products for redistribution to a diversified group of end-users in the construction, engineering and shipping industries, amongst others. The market for the Company's products is both domestic and overseas. It exports mainly to customers in Malaysia and Indonesia.

Fu Yu Acquires Additional 12.08 Percent Stake in LCTH Corporation Berhad

A Fu Yu Corporation Limited subsidiary buys a combined $20.13m worth of shares from shareholders Mr A. Razak Bin Ramli and Mr Effendi Norwawi.

This effectively increases Fu Yu Investment's stake in the company from 62.69% to 74.77%.

The Group's operations make a complete range from design to fabrication to assembly, and include finishing activities such as silk screening, pad printing, ultrasonic welding, heat staking and spray painting. The markets it serves include the information technology, telecommunications, automotive, medical, electronics and electrical appliance sectors.
Currently, it has 12 plants in Singapore, Malaysia and China.


Adampak Follows Through on Proposed Acquisition of Remaining Shares of Aident Corporation Sdn Bhd

Adampak receives approval of the Malaysian Ministry of International Trade and Industry for the acquisition and ownership of 400,000 ordinary shares at RM1.00 each from Aident Corporation and also for removal of the equity condition in the manufacturing license.

The Group is principally into the manufacture of pressure-sensitive labels, seals and other die-cut components mainly for the electronics, pharmaceutical/ medical equipment and supplies and chemical industries. The group manufactures information labels, blank labels and bar code labels, used mainly for computer and peripherals, consumer electronics, pharmaceutical/ medical equipment and supplies, industries, commercial and other consumer products.

The Group also produces seals mainly for hard disk drives, and other die-cut components for bonding, sealing, insulation, protection and shielding for electronics, telecommunication and other equipment. In addition, it also on-sell thermal transfer ribbons and printer heads to its customers. The Group's major customers include Seagate, HP, Western Digital and Maxtor. The Group has two manufacturing facilities in Singapore, one in Philippines and one in Thailand.

Tat Hong Secures 20.9 percent Stake in Kian Ho

Tat Hong Holdings Limited has acquired 40,906,000 shares in Kian Ho Bearings Ltd for an aggregate consideration of about S$10.6m

This brings the total number of shares owned by the company to 48,943,000 worth about $12.4m all funded internally.

The acquisition of the shares was carried out because the company expects Kian Ho's products, bearings and seals, complements its core business of the sale and lease of heavy equipment.

The group is principally involved in the rental and sale of cranes and the sale of spare parts for cranes. Apart from cranes, the group is also involved in the rental and sale of other ancillary heavy equipment such as excavators, bulldozers, earth-moving equipment, foundation equipment, piling rigs and generators.

Delong's Tech Enhancement Increases HRC Production

Delong Holdings Limited proposes to increase annual production capacity of its hot-rolled coils from 2.4m to 3m tonnes. This will represent a 25 percent increase in manufacturing volume.

Capex for these technological enhancements are estimated to be around RBM400m financed by internal funds and bank borrowings.

The project is expected to commence in Feb 2007 and be completed in the Q4FY07.

Delong Holdings Limited has two wholly-owned subsidiary companies:
1) Asia Paragon International Limited
2) Dexin Steel Pte Ltd

Asia Paragon International Limited is a company incorporated in the British Virgin Islands. Asia Paragon in turn wholly owns Delong Steel Limited.

Delong Steel Limited, a Wholly Foreign -Owned Enterprise ("WFOE"), is an integrated steel mill manufacturing steel billets and mid-width hot-rolled coils for both domestic consumption and export.

Delong Steel Limited in turn wholly owns Delong Yuntong Steel International Trading (Beijing) Co., Ltd, agent for import and export of steel products, mineral ores and related materials, as well as investment in resources-related projects. Dexin Steel Pte Ltd is a steel trading and procurement company incorporated in Singapore where its operation is located.

FerroChina Enters Sole Agency Agreements to Handle Export Sales

FerroChina Limited has agreements with various parties to diversify sales efforts in the United Kingdom, Italy, Australia, New Zealand, Israel and South East Asia.

The company is expected to reap US$317m in potential sales revenue in the first year alone.

This is due to increasing demand for "chrome-free" galvanized steel coils in the European Union, something which the group has successfully produced.

The Group is a manufacturer of heavy gauge galvanized steel coils with thickness ranging from 0.6mm to 4.2mm and width ranging from 660mm to 1550mm. Currently, the Group has one galvanization production line with an annual production capacity of 300,000 tons for the manufacturing of its products. The Group is expected to expand its capacity to 700,000 tons a year when its second galvanization production line is put into commercial production by end May 2005.The Group's customers are mainly steel trading companies, steel structure engineering companies and steel processing factories in China.


CEO's Walk The Talk

"..Rapid economic development and industrialisation have aggravated the already acute water and power shortage problems in the PRC. Public awareness and emphasis on environmental protection and control issues have also heightened considerably. In its 10th 5-Year Plan, the PRC Government has shown strong determination and support by providing for the allocation of more funds for water pollution control to raise the national wastewater treatment rate to above 60 per cent in all cities by 2010, as well as for initiatives to combat the problem of water and power shortages. Our focus on the PRC market will further entrench our domestic leadership position and provide an edge over competition to seize opportunities for growth..."
Addyson Xue, non-Executive Chairman
Huang Hanguang, Executive Director and Chief Executive Officer
Asia Water Technology Limited

Highlighted Company

The Company was incorporated in Bermuda on 30 September 2004 and is a manufacturer of heavy gauge galvanized steel coils with thickness ranging from 0.6mm to 4.2mm and width ranging from 660mm to 1550mm. Currently, the Group has one galvanization production line with an annual production capacity of 300,000 tons for the manufacturing of its products. The Group is expected to expand its capacity to 700,000 tons a year when its second galvanization production line is put into commercial production by end May 2005.

The Group's customers are mainly steel trading companies, steel structure engineering companies and steel processing factories in China.

On 8 July 2004, the company's management system for the manufacture of hot-dip galvanized steel coils was awarded the ISO 9001 certification by the accreditation body, British Standards Institution. The system covers the whole process of design, development, manufacture and service. On 24 August 2004, the occupational health and safety management system of the production facilities was awarded the OHSAS 18001 certification by the British Standards Institution.

Historical Price Data
 Date Open High Low Close
 19 Jan 2007  1.260  1.340  1.240  1.260
 18 Jan 2007  1.180  1.260  1.170  1.260
 17 Jan 2007  1.150  1.210  1.140  1.170
 16 Jan 2007
 15 Jan 2007  1.150  1.210  1.110  1.180

Historial EPS ($) a
Rolling EPS ($) e
NAV ($) b
Historical PE
Rolling PE f
Price / NAV b
Dividend ($) d
52 Weeks High
Par Value ($)
   SGD 0.120.
Dividend Yield (%) d
52 Weeks Low
Market Cap (M)
Issued & Paid-up Units 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 15/11/2006. Please click here for more information.
d Distribution is based on latest Full Year results announcement and excludes special distributions.
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

19 Jan 2007 FerroChina Receives US$317 Million In Export Orders For FY2007
19 Jan 2007 Appointment Of Sole Agents
05 Jan 2007 Acquisition Of Changshu Xinghai Advanced Building-Material Co., Ltd ("Xinghai") And Changshu Xingyu Advanced Building-Material Co., Ltd ("Xingyu") (The "Acquisition")-Deferment Of Payment For The Acquisition
26 Dec 2006 FerroChina-Acquisition Of Changshu Xinghai Advanced Building-Material Co., Ltd ("Xinghai") And Changshu Xingyu Advanced Building-Material Co., Ltd ("Xingyu")
17 Nov 2006 FerroChina Limited Online Management Q&A At ShareInvestor.com

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