OCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> ListedCompany Newsletter
 
12 February 2007      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
 SunVic
336,087
 PineAgritech
258,386
 SingTel
209,254
 BanJoo
206,681
 Sapphire
193,818
Weekly movement as at 09 February 2007
WEEK'S TOP GAINER
 Name
Price  
Chg 
 BMT 100
85.000
+10.000
 CMB RB eCW070710
2.400
+1.440
 GreatEast
20.800
+1.400
 Isetan(S)
6.200
+0.700
 CCCC RB eCW070608
2.880
+0.680
Weekly movement as at 09 February 2007

 
HEADLINES FOR THE WEEK
Union Steel: Sees H1 FY06 revenue almost  triple to $141.1m thanks to strong regional demand
Midas Holdings: Subsidiary signs 2 deals with Siemens to supply aluminum profiles for Russian and German projects
BH Global Marine: Sees revenue increase by 95 percent due to increased demand from the marine offshore sector
China Milk: Announces good net profits of RMB103m or a 34.4 percent increase attributed to strong bull semen sales
Boustead: Subsidiary wins $19m project to design and construct production and technology facility in Jurong
CitySpring: Raises $286m with IPO shares priced at 89 cents each
Ascott Group: Enters 50-50 JV with Amtel Properties Development to create fund worth US$100m to move into the serviced apar™ents business in Moscow and St. Petersburg
Starhub: Picks China-based Huawei to revamp 3G network
each
Olam International: Has 2 China JVs in the pipeline to source and supply soybean and cotton with state-owned Chinatex Corporation
SP Chemicals: Proposes to spend RMB 280m to expand production facilities and boost annual output for chlorine, aniline and caustic soda
 


Linair Tech: Clinches 179.75m contract from Changshu Everbright Material Technology Co. Ltd. to manage, supply and install galvanising facility in China
Tiger Airways: In process of establishing first overseas base in Australia
Cosco: Shipyard subsidiary clinches order to build four 30,000 deadweight ton vessels for Chinese-Polish Joint Stock Co. worth US$185.2m
Aztech: Announces 98 percent rise in net profit for FY2006 at $20.04m due to sales of higher margin products and continued cost efficient measures
Noble Group:  Acquires sugar mill in Brazil for US$70m and proposes US$200m for plant expansion
Asia Water: Carries through on RMB 38m buyout of Tianmen Kaidi Water Services
PSA International: Enters 40-year concession agreement to run Pakistan's Gwadar port
ST Engineering: Subsidiary lands weapons maintenance contract from SAF worth $78m
Singtel: Enters deal with US-based Global Wireless to resell satellite services to the maritime industry
 

CXO Profile

China Milk to Take Mainland Dairy Market by Storm

It has been nothing but good news for China Milk which recently held its Q3 FY07 results briefing at the Fullerton Hotel in Singapore. Speaking on behalf of Chief Executive Officer Mr. Liu Hai Long was the company's Chief Financial Officer Mr. Martin Choi who outlined the company's financial status as well as growth plans for the near future.

The group saw a 44 percent increase in revenue at RMB 314.9 million and a 34 percent increase in net profit after tax at RMB 292.4 million. Shareholders equity stood at RMB 1.3 billion with cash and bank balances reaching RMB 528.5 million according to statistics provided by Mr. Choi.

These were a result of excellent sales for the group's core products. Sales for bull semen rose 46 percent, cow embryos rose 49 percent and raw milk sales saw a 34 percent increase.

In line with government measures banning the import of U.S. and Canadian Holsteins for fear of Mad Cow's Disease which afflicted those countries in April and June last year, the group imports Australian Holsteins which are vaccinated twice a year. The group also segregates the milk producing cows into 9 farms across the country to reduce the risk of disease spread. The cows in turn are housed in cow sheds with feeders to help monitor the health of the cows. There is also an in-house vet at each farm to treat afflicted cows as said by Mr. Choi.

Rising demand for raw milk and the lack of other substantial suppliers to fulfill that demand has placed the group in a position to become the dominant player in the China diary industry. According to Mr. Choi, the group has entered an agreement with the Ministry of Agriculture to supply diary products in a nationwide school milk programme designed to increase the nutritional levels of school-going children.

This will be achieved via the process of vertical integration with the recent opening of a 20,600 square metre Diary Processing Factory in Da Qing which has 10 production lines to produce a range of liquid milk products and an annual production capacity of 150,000 tons. The facility is expected to start operations in May 2007. This in turn will help the group to build its own brand name and increase its range of milk products in the growing China market.

 
 

HOT Off The Press

Micro-Mechanics Executive Chairman and Spouse Offer Company Shares to Employees


Executive Chairman Mr. Christopher Borch and his wife Mrs. Andrea Borch are offering some of their company shares to employees under an Employee Share Gift Programme.

The programme is meant to reward employees for their contributions to the company and motivate them to even better performance for the group.

Eligible employees are entitled to purchase 1000 company shares at discounts of over 50 percent under two alternatives.

The Group is engaged principally in the design and manufacture of precision tools, assemblies and consumable products for the semiconductor industry, focusing on the semiconductor assembly an test process. Their core products are used in the die attach process and wire bond process and can be grouped into three main categories, namely, die attach tools, wire bond tools and custom tools. It has manufacturing facilities in Singapore, Malaysia, the Philippines and Thailand. In addition to the sales teams in these countries, it also has sales and marketing offices in USA, Switzerland, Taiwan and China. It has also appointed distributors to market and distribute its products in Japan, Switzerland, Germany, Austria, Italy, Malta, France, Spain, Portugal, Morocco and the UK.

Ferrochina Subsidiary and Associates Enter Partnership with Baotou Steel Union Co. Ltd.


The companies along with its subsidiaries and associates have signed a Strategic Partnership Agreement with Baotou Steel to provide technical knowledge of galvanization technologies to upgrade the R&D capabilities as well as production quality of Baotou.

Baotou will in return commit its supply of galvanised steel coils to help the companies expand market share and penetration into international markets.

Baotou will also commit to supply 488,000 mt of cold rolled steel coils as feedstock to the companies.

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.

Sembawang Music Unit Establishes Mexican Subsidiary


Sembawang Music Holding's direct subsidiary Falcon Energy Group Limited has established a subsidiary based in Mexico to provide services to oilfield companies.

The company, known as Astanient SA DE CV, has a paid up capital of 500,000 pesos.

This move is in line with the parent company's strategy to seek out new business opportunities in the marine and oil and gas industries.

Sembawang Music Holdings is the largest music and visual products retail chain store operator by number of stores in Singapore. As at the Latest Practicable Date, our Group operates a chain of 20 Sembawang Music retail outlets offering Audio CDs, DVDs, VCDs and related audio and visual products.

Esmart Subsidiary Proposes Expansion Plans to Enter India Market


Esmart Holdings and subsidiary E-smart Technology expect to double India headcount by end 2008.

E-smart Technology is setting up a Design Centre in Kolkata in order to provide customers with the latest technology products from the company.

The subsidiary has also appointed H.S. Luthra as Vice President, Sales/ Country Manager to spearhead the growth in India, and Indranil Majumdar, as Vice President, India Design Centre & Technical Support.

The Group is a designer and supplier of intermediate products for electronics manufacturers; and a distributor of electronic components such as ICs (Integrated Circuit) and active and passive devices, various types of PCBs (Printed Circuit Board), mechanical and plastic parts.

Nippecraft Subsidiary Rakes in $23m in North American Revenue for Q1 FY07


The company's subsidiary Paperich Pte. Ltd. has secured the paper copier business for the first quarter of 2007 at revenues of $23m.

The copier paper business has become a regular quarterly source of business for the company since starting in FY2006.

The copier paper business is a high volume but lower margin office product compared with the company's other branded dated products.

Nippecraft Limited is an established and leading provider of Personal and Business Organizing Tools which includes a wide range of paper based diaries, organisers, stationery and related products.

 

 


Midas Nabs 2 Siemens Deals to Supply Aluminum Profiles for Russian, European and ex-European Markets


Midas Holdings Limited has signed two Siemens contracts to provide aluminum alloy profiles for the Valero Rus Project in Russia and the Desiro Mainline Project, targeting at the European and ex-European markets.

The first contract worth1.8m euros involves the supply of aluminum profiles to build 8 high speed passenger service trains for the Valero Rus Project in Russia.

The second contract valued at 1.2m euros is for the German Desiro Mainline Project where Midas will supply an initial order of 16 train sets to be used on the European and ex-European markets with a total of 300 train sets to be built in total eventually.

The Group's principal activities are as follows:- i) Design, manufacture and installation on polyethylene pipes for use in various types of piping networks. ii) Design and manufacture of aluminum alloy extrusion products for use in various industries.

The design, manufacture and installation on PE Pipes are undertaken by its PE Pipe Division (Wanshida) and the design, manufacture and sale of aluminum alloy extrusion products are undertaken by its Aluminum Alloy Division (Jilin Midas). 

CNA Forms JV with An Tay and Eng Lim Corporations


CNA Group Limited has entered a joint venture agreement with An Tay Corporation and Eng Lim Construction Company Pte Ltd. to carry out civil and construction projects in Vietnam.

The respective companies will contribute their areas of expertise for the projects. CNA will be involved in the areas requiring control and automation works.

The inves™ent capital for the venture is US$1m with 30 percent cash and 70 percent in loan facilities. CNA holds a 51.2 percent stake in the venture.

CNA is principally engaged in the provision, design and implementation of integrated control and automation systems and IT solutions for buildings and facilities. Its systems are found in intelligent buildings in the commercial and public sectors, industrial facilities including semiconductor and wafer fab, pharmaceutical and water and waste trea™ent plants and infrastructural facilities including airports, MRT stations and expressway tunnels and flyovers.

Best World International Prepares to Launch Subsidiary Company in China


Bestworld is in the process of setting up its first regional centre in China.

The centre is expected to be fully operational by FY2007. Best World is currently setting up a subsidiary which will be headquartered in Changsha.

Best World is also training a team of experienced managers to supervise the operation of distribution outlets across the country.

The Group is principally engaged in the sourcing, formulating, branding and distribution of a range of health and lifestyle products under its own brands, "bwL", "Avance", "DORS", "DR's Secret" and "DRS Seager". Its products may be categorised as cosmetics, skin care, nutritional supplements, personal care and healthcare equipment. The Group also distributes a range of third-party cosmetics and skin care products under the brand "C'bon". The Group distributes its products via 3 distribution channels, namely, direct selling, retail and export.

Key Medical Institutions Endorse Asiapharm Propriety Drug


9 Key Medical Institutions have confirmed the effectiveness of Asiapharm's Ximingting drug in treating menopausal symptoms.

10 months of extensive clinical trials conducted by institutions like Beijing Union Medical College Hospital, Shanghai Fudan Gynecological Hospital, Beijing Gynecological Hospital and Beijing University Gynecology Hospital, validating earlier research findings on the benefits of XiMingTing.

Released by Asiapharm in H1 FY2006, the drug is presently distributed in 27 hospitals in cities like Beijing, Shanghai, ChongQing and Xi'an.

Asiapharm is in the business of:
(1) research, development, production and sale of pharmaceutical drugs for the fields of orthopedics, neurology, gastroenterology and hepatology, focusing on natural drugs and chemical drugs with new formulations;
(2) distribution of products of other pharmaceutical manufacturers in China;
(3) processing and sale of active ingredients, mainly chondroitin sulphate, for the manufacture of pharmaceutical drugs;
(4) sale of R&D results and/or patents of new drugs and provision of research services on a contract basis.

CEO's Walk The Talk

"…In supplying parts and equipment to a wide network of oil majors, rig owners and drilling contractors over the last 30 years, we have established close working relationships with them. Our in depth knowledge of the condition and availability of their vintage capital equipment allows us to fulfill demand for specific capital equipment by procuring and refurbishing these used equipment. We strengthened our unique business model of providing refurbished capital equipment in the last few years by recruiting suitable talent to boost our management and technical capabilities as well as acquiring numerous companies to enhance our engineering capabilities and improve our product offering."
Chew Thiam Keng, Chief Executive Officer
KS Energy



Highlighted Company


Based in Heilongjiang Province, China Milk Products Group Limited's primary operating subsidiary, Daqing Yinluo Dairy Co Ltd is a company specialising in the production of pedigree bull semen, dairy cow embryos and raw milk in China. Its products of pedigree bull semen and dairy cow embryos are sold to customers including government livestock bureaus and governmental entities for artificial insemination and embryo transplants respectively, while raw milk is sold to dairy products manufacturers for the manufacturing of dairy products.

It has 9 farms in Daqing and Harbin which cover a total land area of 1.83 million sq m. As at 18 December 2005, the Group has a herd size of approximately 170 pedigree bull sires and 8,530 dairy cows, comprising Holsteins of Canadian, Australian and Chinese origins.








































Historical Price Data
 Date Open High Low Close
Volume  
 09 Feb 2007 1.400 1.400 1.330 1.340
4,578,000
 08 Feb 2007 1.420 1.420 1.390 1.400
2,657,000
 07 Feb 2007 1.410 1.430 1.400 1.410
5,403,000
 06 Feb 2007
1.400
1.440
1.360
1.410
9,123,000
 05 Feb 2007 1.340 1.390 1.340 1.380
5,121,000

Fundamentals
Historial EPS ($) a
  0.07324
Rolling EPS ($) e
  -
NAV ($) b
 0.3487
Historical PE
  18.296
Rolling PE f
  -
Price / NAV b
 3.843
Dividend ($) d
 -
52 Weeks High
 1.540
Par Value ($)
HKD 0.500
Dividend Yield (%) d
 -
52 Weeks Low
 0.820
Market Cap (M)
989.724
Issued & Paid-up Units c
 738,600,000
 
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 07/02/2006. 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

Newsroom
06 Feb 2007 Presentation - 3Q FY2007 Results
06 Feb 2007 China Milk's 3Q FY2007 Net Profit Up 34.4% To RMB103.0 Million
06 Feb 2007 Third Quarter Financial Statement And Dividend Announcement
08 Jan 2007 Listing Of Zero Coupon Convertible Bonds Due 2012
29 Dec 2006 Convertible Bonds Due 2012 - Receipt Of SGX-ST Approval In-Principle



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