21 February 2007      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
 Indofood
243,437
 Gen Int
188,589
 Yongnam
170,959
 ChinaEntSp
134,597
 Sunpower
123,710
Weekly movement as at 16 February 2007
WEEK'S TOP GAINER
 Name
Price  
Chg 
 BMT 100
117.000
+2.000
 CMB JP eCW070330 500
12.300
+1.500
 STI 2780SGAeCW070227
2.100
+1.070
 UOB
20.900
+1.000
 " STI ETF 100 IOPV
32.686
+0.880
Weekly movement as at 16 February 2007

 
HEADLINES FOR THE WEEK
Singapore Computer Systems: Introduces iMobicon that enables businesses to run even in the event of a disaster
Raffles Education: Proposes purchase of additional 35m Easycall shares for $14m
Delong Holdings: Proposes 3 environmental projects worth RMB 386
HG Metal: Proposes acquisition of 5 lots of industrial land in South Johor for RM24m
CapitaLand: Proposes acquisition of 13% stake in Tokyo Stock Exchange-listed reit BLife Investment Corporation
Beng Kuang Marine: Subsidiary nets conversion order contract worth US$5.85m
A-Reit: Expects $100m in proceeds to fund acquisition and development activities from the private placement of 40.8m new A-Reit units
Keppel: Subsidiary clinches offshore project from Norway-based Skeie Group worth US$392m
Swiber Holdings: Nets US$146.6m project from Brunei Shell Petroleum Company Sdn Bhd
Cosco Corp: Beefs up rig-building staff with experienced hires from Japan, Korea and Singapore

 

Tiger Airways: To follow Ryanair business model of regional airport flights for penetration of Australian market
Rotary: Enters agreement with Italy-based Sofinter SpA to set up $10m isotherm hazardous waste plant on Jurong Island
Design Studio Furniture: Rakes in $34.5m worth of hotel contracts
Sihuan Pharmaceutical: Lodges preliminary prospectus in preparation for SGX mainboard listing
Eco Water:  Ups stake in EMS to 70 percent buying out an additional 17.5 percent of its shares
First Ship Lease: Proposes listing of trust for Singapore ships with indicative yield of 8.5-9.25%
Chemoil: Proposes enmasse acquisitions of Helios Terminal Corporation, Link Marine, Olympic Shipping, Pebble Beach Shipping Company, Pine Valley Inc. and Cypress Point Inc. from Andorra Services Limited which is owned by Chairman Robert Chandran
Bonvests Holdings: On board JV to build, develop and lease 100-villa hotel in Phuket
Valuetronics: Hong Kong-based company expects to raise $10m in IPO proceeds from SGX mainboard listing

 

CXO Profile

Sunpower Steps Up on Energy Saving and Environmental Protection Businesses and International Market Penetration to Fuel Growth

Sunpower Group Limited delivers a whopping 85.7 percent increase in profit after tax at RMB 37.2 million for FY2006. According to Executive Director Frank Ma, this was mainly attributed to increased sales of pressure vessels which were in turn brought about by increased production capacity and the introduction of Special Material pressure vessel products. .

Mr. Ma set goals for the company to increase sales over the next 3-5 years. "We want to increase our sales to balance our fixed costs," he said. The company's new factory will commence operations later in 2007 and will greatly enhance production capacity.

"Considering there is a limitation for enlarging capacity for manufacturing, we will pay more attention to energy saving and environmental protection systems," Mr Ma said. A major reason for focusing on this segment is to work in line with the government regulations on energy saving and environmental protection.

The energy saving and environmental protection systems segment secured several major contracts in FY 2006 accounting for around 20 percent of total revenues. The company has clinched a RMB 90.2 million project to develop a waste water treatment system for China Shenhua Coal Liquefaction Corporation. "The zero-water discharge system will ensure that no polluted water will be discharged," said Mr. Ma. "This is very good for Northern China because there are many deserts where our government will not allow the discharging of polluted water."

The company is also looking to expand internationally in order to lower risks of volatility in the domestic market as well as to build the brand name. Working with the company on joint projects in China, BP was sufficiently impressed to invite them along on a joint project in Belgium. Mr. Ma said that the company intends to follow a similar model working with multinational partners like CTCI, GE, BASF and Bayer to access international markets.

"The profit margin for the international market is higher. We have RMB 180 million available for expansion there," Mr. Ma said. "The bigger our presence is in the international market, the better we will do in the domestic market."

 
 

HOT Off The Press

Asia Environment Signs BOT Waste Water Treatment Contract


Asia Environment Holdings has clinched a RBM 95m Build-Order-Transfer contract from the Suzhou Fenhu Economic Development Zone Government to build and operate a wastewater treatment facility in the Fenhu Economic Development Zone, Suzhou City, Jiangsu Province, PRC.

The project will involve building a wastewater treatment facility with a total capacity of 50,000 m³ per day as well as laying out a wastewater piping network within the Fenhu Economic Development Zone.

The project is expected to start within the next 6 months and a special purpose vehicle with a registered capital of US$5.0 million will be established to undertake this development.

Asia Environment is an integrated water and wastewater treatment solution provider in China. The Group offers a comprehensive range of products and services that cover the entire spectrum of water and wastewater treatment, from planning and design to manufacturing and fabrication, construction, installation, operations and maintenance. It also starts to undertake BOT (build-operate-transfer) projects in water and wastewater treatment industries.

Asia Environment Enters Framework BOT Agreement for Wastewater Treatment Plant In Shanghai


The Company has entered into a Framework Agreement with Shanghai Jinshan Zone Industrial Park II to build and operate a wastewater treatment plant.

The project involves the building of a wastewater treatment plant with total capacity of 50,000 m3/day.

The total investment for the first phase of the project is proposed at RMB100.0 million.

Asia Environment is an integrated water and wastewater treatment solution provider in China. The Group offers a comprehensive range of products and services that cover the entire spectrum of water and wastewater treatment, from planning and design to manufacturing and fabrication, construction, installation, operations and maintenance. It also starts to undertake BOT (build-operate-transfer) projects in water and wastewater treatment industries.

Singapore Computer Systems Delivers iBizFile To British Virgin Islands Financial Services Commission


SCS delivers the first phase of the multi-million dollar iBizFile to the British Virgin Islands (BVI) Financial Services Commission (FSC).

BVI FSC has named their version of iBizFile the Virtual Registry and Regulatory General Integrated Information Network (VIRRGIN). The system presents industry practitioners with a thorough electronic mechanism for handling, processing and receiving feedback on critical documents filed with the FSC's Registry of Corporate Affairs.

The implementation of this updated information technology helps the governing body improve document processing and turnaround times.

Singapore Computer Systems ("SCS") is a leading information and communications technology service provider in Asia. As the provider of Trusted Services to its customers, SCS empowers organisations with competent IT professionals, using proven processes and living technologies in a timely and cost-effective manner.

Swissco Subsidiary Adds Two More Offshore Vessels


Subsidiary Swissco Offshore Pte Ltd has added 2 more vessels to its offshore support fleet worth a total of S$6.4m.

This acquisition is part of the group's long term strategic plans to expand their offshore vessel fleet.

The Group is expecting delivery of 8 more vessels for FY07 and 3 more for FY08. Swissco currently has a fleet of 15 offshore vessels and intends to have 30 to 35 in two years' time.

The Group is a Singapore-based marine company that provides marine logistics services, ship repair and maintenance services for the shipping and offshore oil and gas industries by owning and operating Out-Port-Limit (OPL) supply boats, offshore support vessels, tugboats and barges. Besides operating in South East Asian countries such as Indonesia, Malaysia, Vietnam and Thailand, Swissco's vessels have been deployed by its charters in regions as far as East Africa and Japan.

Petra Foods Increases Paid-Up Capital in Delfi Marketing Sdd Bhd


Petra Foods has bumped its paid-up capital in Malaysian subsidiary Defi Marketing Sdn Bhd from RM5675, 000 to RM10, 750,000.

This results in 5075,000 new ordinary shares being allocated to Petra Foods.

The Group is principally engaged in the manufacture and supply of cocoa ingredients, namely cocoa powder, cocoa butter and cocoa liquor. It also manufactures and or distributes branded consumer products, primarily chocolate confectionery. The Group is one of the world's major manufacturers and suppliers of cocoa ingredients.

 


China Petrotech Subsidiary Wins Oilfield Services Contract


The company's subsidiary Xi'an Cenozoic Oilfield Information Engineering Ltd. signs a 7-year integrated Oilfield Services contract with Sinopec Group.

The company will manage and provide oilfield engineering, technical as well as other services for the project and is expected to share up to 70 percent of production output.

The company plans to start work in March 2007 with 10 production wells this year and another 10 to 20 wells in 2008. The estimated production volume for each well is about 550 tonnes or 4,000 barrels per year.

The Group offers diverse and integrated IT solutions to oil and gas companies in China, with a focus on the exploration (onshore and offshore), development and production of oil and gas. The Group's IT solutions and services include design and development, marketing and implementation of standardised software solutions, software customisation, and provision of value-added services such as software maintenance and upgrading services. Its standardised software solutions can be categorised into data collection and transmission systems, data management systems and data application systems.

Kinergy IPO Receives Overwhelming Response


Kinergy saw its 20.2m shares 97.9 times subscribed by enthusiastic investors.

When the Application List closed at 12.00 noon on February 13, 2007, 26,525 valid applications were received for the 1.2 million Offer Shares available to the public.

Applicants had applied for a total of 1.96 billion Offer Shares, with application monies received amounting to approximately S$450.3 million.

Kinergy Ltd. provides "high mix, low volume" Electronics Manufacturing Services (EMS) as well as design and manufacturing of proprietary equipment to customers. Over the years, Kinergy has expanded and diversified its customer base that includes other customers from the electronics, medical and industrial sectors.

C20 Increases Investment in Malaysian Subsidiary


C20 Holdings has decided to increase its issued and paid-up capital in C20 Corporation Sdn Bhd.

This will be done by allocating an additional 590,000 shares of RM1.00 each at par to the Malaysian subsidiary.

The investment was funded entirely through internal resources.

C2O is an outsource services provider and regional distributor of infocomm products. The Group has two core business areas:
(i) distribution of infocomm products such as printers and imaging products, digital entertainment products, personal communication products and mobile enhancement products. (ii) outsource services, where the Group acts as an original design manufacturer of mobile phone wearables and provides logistics outsource services, such as procurement, manufacture and distribution of mobile phone accessories, after sales and other support services.

AsiaPharm Enters Agreement to Sell Products to Pakistan


AsiaPharm subsidiary Shandong Luye Pharmaceutical Co., Ltd has signed import and distribution agreements with local distributors in Pakistan for two key products Maitongna and Nuosen worth RMB10 million over three years.

This allows the Group to penetrate Pakistan's US$1.2 billion-a-year pharmaceutical market which has exhibited significant growth potential with a compounded annual growth rate of 10% over the past years.

The Group is waiting for approval of drug import licenses from the Pakistan's Ministry of Health, with product sales expected to commence in 2007.

The Group is in the business of:
(1) research, development, production and sale of pharmaceutical drugs for the fields of orthopaedics, 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

"…Our Group will continue to focus on laying the foundation for future expansion in growing our core businesses and generating organic growth. We firmly believe that the key factors for our success would be our ability to stay customer-focused and results oriented as well as being a niche player in the competitive marine logistics support business. Being a pioneer in servicing the Out Port Limit (OPL) business, we will endeavor to widen our market share going forward."
Yeo Chong Lin, Chairman
Swissco Group



Highlighted Company


On 24 September 2004, Teamsphere entered into an agreement with Best Decade Holdings Limited to acquire the entire issued and paid-up share capital of Asia Paragon International Limited. The purchase consideration amounts to S$367.5 million and is to be satisfied in full by the allotment and issuance of 4.9 billion new ordinary shares. Subsequent to the acqusition, the company was renamed to Delong Holdings Limited.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.








































Historical Price Data
 Date Open High Low Close
Volume  
16 Feb 2007 0.185 0.195 0.185 0.190
30,353,000
15 Feb 2007 0.180 0.190 0.175 0.185
19,140,000
14 Feb 2007 0.180 0.180 0.175 0.180
4,261,000
13 Feb 2007
0.180
0.185
0.180
0.180
8,705,000
12 Feb 2007 0.175 0.185 0.175 0.180
12,619,000

Fundamentals
Historial EPS ($) a
  0.02472
Rolling EPS ($) e
  0.02470
NAV ($) b
 0.0597
Historical PE
 7.686
Rolling PE f
  7.692
Price / NAV b
 3.183
Dividend ($) d
 0.015000
52 Weeks High
0.195
Par Value ($)
n.a.
Dividend Yield (%) d
 7.895
52 Weeks Low
 0.105
Market Cap (M)
1008.442
Issued & Paid-up Units c
5,307,591,000
 
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 16/02/2006. 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
15 Feb 2007 Full Year Financial Statement And Dividend Announcement
15 Feb 2007 FY2006 Results Presentation
12 Feb 2007 Environment Conservation Initiatives Worth Combined RMB 386 Mllion
07 Feb 2007 Divestment Of Delong Yuntong Steel International Trading Co., Ltd
05 Feb 2007 Date Of Release Of Full year Results For The Year Ended 31 December 2006



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