11 June 2007      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
BanJoo
1,040,251
Digiland
748,142
UTAC
379,320
Rowsley
255,442
Penguin
247,675
Weekly movement as at 08 May 2007
WEEK'S TOP GAINER
 Name
Price  
Chg 
SGX
8.650
+0.800
Creative 50
7.950
+0.750
UOI
6.200
+0.650
OCBCCap3.93%Pref10
101.000
+0.500
SGX DB eCW070625
1.290
+0.435
Weekly movement as at 08 May 2007

 
HEADLINES FOR THE WEEK
Tiong Woon: Institutional investors, JP Morgan and CAAM raise stakes to 6.81 percent and 6.07 percent respectively
Singtel: Joins Avaya Inc to create a managed end-to-end hybrid IP and PBX solution service for enterprise customers
SPC: Shops for new oil and gas acquisitions with US$650m worth of available fund allocated
STX Pan Ocean: Inks agreement with STX Shipbuilding for the building of 2 oil tankers each worth about US$25m
Unionmet: Subsidiary in Guangxi among 18 firms to be awarded Chinese government license to export indium
F&N: Proposes sale of 5-year bonds worth $300m over the next few weeks
Flextronics International: Takes over Solectron Corp with a US$3.6b acquisition bid causing a Singapore tech stock rally
Soilbuild: Unloads apartments at Leonie Park for as much as $3,400 psf
Mapletree Logistics: Subsidiary picks up Grantech Centre property in Hong Kong for HK$749m
SATS: Links up with Air India and Indian Airlinesto provide ground handling services at soon to be completed Rajiv Gandhi International Airport

 

Yeo Hiap Seng: Gains US$6m institutional investor Hain Celestial Group
Dutech Holdings: Looking to list on SGX after lodging prospectus with MAS
Want Want: Chairman Tsai Eng Meng requests $850m loan to finance share buyout attempt
China Fishery: Acquires the assets of two fishmeal producers in Peru for US$26m
Sunlight Group:  Inks a contract to acquire Media Technology Systems Asia Pte Ltd for $360,000 in cash and $5m in Sunlight shares
Plantation Resources: Works out carbon trading business details with UK-based Sindicatum Carbon Capital
AVI-Tech Electronics: Seeks SGX listing with lodging of preliminary prospectus with MAS
Lee Pineapple Company: Additional purchase of 21.5m shares increases stake in MediaRing to 13.02 percent
Merlion Pharmaceuticals: Takes its place as only Asian firm in international list of biotech companies to watch for
Macarthur Cook Industrial Reit: Sees gearing limit increase to 60 percent in light of receiving Baa3 investment grade rating
KS Energy: Proposes 13.5m share subscription by Sovereign Assets SA to raise $41.6m in proceeds

 

CXO Interview

Qinzhou Set To Become Petrochemical Hub In Asia

Delegates from the Qinzhou Municipal Government from Guangxi, PRC came to Singapore to promote its growing petrochemical industry. Situated on the tip of Beibu Gulf, the city is poised to reap the benefits of a major oil refinery project approved by the China National Petroleum Corporation within the Qinzhou Port Economic Development Zone Industrial Park.

Addressing concerns that the Qinzhou harbour would not be deep enough to accommodate bigger oil and chemical vessels, Mayor Tang Shibao said that although the harbour is not as deep as some of the other major ports, it is relatively easy to dredge and deepen.

The refinery will be able to refine all types of crude oil sources with ethylene, kerosene and gasoline among the various by-products. The city officials are also in the midst of talks with private companies to construct biodiesel production facilities for the processing of cassava plant sources. The biodiesel products will be mainly for export.

Overseas investors stand to benefit from income tax rates that are 15 percent lower than other parts of China which have it at 33 percent according to Mr Tang, the mayor.


HOT Off The Press

FSL Trust Acquires Three Product Tankers From James Fisher For US$45 Million


FSL Trust Management Pte. Ltd. has acquired three product tankers from UK-based and London Stock Exchange-listed James Fisher & Sons PLC for a total consideration of US$45 million and will concurrently lease the vessels back to the seller for a base lease term of 10 years. The lease agreement contains various lease extension and purchase options for the lessee.

In addition to the three vessels acquired, James Fisher has the option to sell and leaseback a fourth sister vessel of the same type on identical commercial terms. This option has to be declared by James Fisher no later than 30 June 2008. First Ship Lease Trust now has seven high quality vessels on long term leases with James Fisher (not including the fourth option vessel).

The acquisition of the three ships has been fully funded by drawing from a seven year US$250 million revolving credit facility provided to FSL Trust by a syndicate of banks jointly led by The Bank of Tokyo-Mitsubishi UFJ Co., Ltd., Singapore Branch and Bayerische Hypo- und Vereinsbank AG, Singapore Branch. This facility is provided on a floating rate basis. To protect the spread of the transaction, FSLTM has arranged for an interest rate swap until the maturity of the credit facility.

The overall objective of FSL Trust is to provide long-term non-tax driven leasing services across major maritime segments. Specifically, FSL Trust engages in the business of providing leasing services on a bareboat charter basis to the international shipping industry, and owns and invests in a portfolio of lease assets across various sub-sectors of this industry.

China Fishery Acquires Panamanian Companies’ Shares


The Board of Directors of China Fishery Group Limited subsidiary Pesquera Isla Blanca S.A. has entered into a sale and purchase agreement with individual shareholders of two Panamanian companies, Inversionista La Candelaria S.A. and Altoreal S.A. for the purchase of the entire issued share capital of the Corporations.

The assets include inter alia two fishmeal plants with a total capacity of 61 tons per hour, a canning plant, a pier, one system for unloading/selection for human consumption, three fishing vessels with a total capacity of 1,056 m3 and fishing permit(s) which allows the vessels to fish in the Peruvian Exclusive Economic Zone.

The consideration for the acquisition of the Sale Shares is US$26.0 million and was arrived at pursuant to negotiations between the parties on a willing buyer willing seller and arm's length basis. The Acquisition is funded from both internal resources and the proceeds of the 9.25% Senior Notes due 2013 issued by CFG Investment S.A.C., the Company’s indirect wholly-owned subsidiary.

The Group's fishing operations are conducted all year round and coincide with the fishing seasons of various species of fish. The main catch species include:

Demersal Marine Fish – Alaskan Pollock, Halibut, Hake, Pacific Cod, Ribbon Fish, Grouper Pelagic Marine Fish – Herring, Chilean Jack Mackerel Cephalopods – Cuttlefish, Octopus, Squid

Global Voice Group Delivers Host¦Nex For Illian. Networks B.V.


Global Voice Group has signed an agreement with Dutch service provider illian.networks BV. Under the terms of the three-year-agreement, Global Voice will deploy host¦nex – a high availability solution of integrated co-location and private fiber networks in the Netherlands. host¦nex is Global Voice’s high availability hosted services solution, providing enterprise, carrier and service provider clients with best in class co-location and managed services.

host|nex offers a range of Storage and Business Continuity services, Hosting services, such as Remote Hands and Power, as well as variety of Security Services and Firewalls.

Global Voice Group operates more than 15,000 square metres of co-location space in Europe, designed to the highest standards of security, cooling and power density to meet the demands of the most exacting requirements. The facility is purpose built to the highest specifications and connected to euNetworks’ metro and long haul all-fiber network.

GVN owns and operates one of the largest Metropolitan Area Network businesses (MANs) in Europe. Its fibre networks are located in 14 cities. GVN's uses its highly secure networks to provide its clients with IP products and business continuity services, which include disaster recovery services, online data storage and content delivery. GVN's main target industry sectors are the regulatory-driven banking & insurance industry, pharmaceutical and government.  

ArianeCorp To Acquire Uni 3 Pte Ltd Stake


ArianeCorp Limited has entered into a conditional sale and purchase agreement to acquire the entire share capital of Uni 3 Pte. Ltd. a company incorporated in Singapore, from Mr. Chow Cheng Peng, Mr. Mark Kok Khiong and Mr. Yeo Liang Teck. Upon the successful completion of the agreement, Uni 3 will be a wholly owned subsidiary of the company.

The Company entered into the agreement on to purchase 300,000 ordinary shares representing the entire issued and paid-up capital of Uni 3. The aggregate consideration for the proposed acquisition is S$3,200,000. The acquisition consideration will be satisfied by the issue and allotment of 32,000,000 ordinary shares in the share capital of the Company at S$0.10 per share. The Acquisition Consideration was determined on a willing-buyer willing-seller basis, after taking into account the future prospects of Uni 3.

The Sale Shares are sold free and clear from all encumbrances and together with all rights and benefits attached thereto as at the date of completion of the proposed acquisition Based on the existing issued share capital of the Company of S$58,627,175 comprising 714,704,807 ordinary shares, the consideration shares will constitute approximately 4% of the enlarged share capital of the Company.

The Group's core business is in the design and manufacture of liquid crystal displays ('LCDs') and electronic modules for LCDs ('Modules'). ArianeCorp is also an independent provider of ultra high-capacity data networks to service providers and large business users in China's fast growing telecoms and data markets through high quality optical networks. Among the first private independent network capacity providers in China, ArianeCorp controls an integrated pan-China 11,000 kilometres high-capacity fibre optics network connecting all principal cities and townships through 13 provinces in fast growing eastern China. The Pan-China network is inter-connected with global networks of Global Crossing to USA. The trunk network is also inter-connected with metropolitan area networks within the same ducting system to reach target customers in main business and industrial centres of 163 cities in China.  

 

 

 


Unified Communications Incorporates Singapore Subsidiary


Unified Communications Holdings Limited’s subsidiary GlobeOSS Sdn Bhd in Malaysia has incorporated GlobeOSS Pte Ltd, a wholly-owned subsidiary company with an issued and paid up share capital of S$2.00 in Singapore.

The principal activities of GlobeOSS Pte Ltd are to provide Global Operations Support and System Tracking services, Consultancy, Design and Project Management services. This is in line with GlobeOSS group's specialty in the global mobile roaming segment of the telecommunications industry through provision of global roaming quality of service monitoring and management solutions to enable network operators to assure the stability and quality of their roaming network.

The investment in GlobeOSS Pte Ltd is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the Group for the current financial year.

Unified Communications is the premier one-stop shop for all the telecommunications requirements, providing carrier grade solutions for telcos, service providers and enterprise worldwide. Its proven technology and customised solutions have helped our customers across the globe to deploy new services, open up new revenue streams, increase efficiency, availability and reliability, faster market penetration and most importantly enhance profit potential.

Plantation Resources To Explore Carbon Credits Projects In Myanmar


Plantation Resource Pte Ltd (PRPL) announced today it has inked a cooperation agreement with leading UK-based developer of greenhouse abatement projects, Sindicatum Carbon Capital Limited (SCC) to identify, study and develop projects qualifying for carbon credits in Myanmar under the Clean Development Mechanism.

Another party to the agreement is Myanmar Agri-Tech Ltd (MAGT) a Myanmar registered company, who will assist in the procurement of rights and information relevant to specific project developments. Together with PRPL and SCC, all parties intend to identify and explore projects that have the potential to qualify for carbon credits or CERs (Carbon Emission Reduction); each CER represents one metric tonne of GHG (Green House Gas) emission.

This possibility includes the qualification of output from PRPL’s 100,000 acre Jatropha Curcas plantation in Myanmar. Jatropha Curcas has been widely used as a possible feedstock to produce biodiesel and may thus have the potential to qualify for CERs.

The Group is engaged in property development, construction and piling services, project management and design services in Myanmar. The Group portfolio of development properties includes apartments, condominiums and bungalows. In property development, the Group manages all the property projects initiated by its group including the provision of detailed budgeting, costing and planning, as well as project management. Its construction services which support its property development business include foundation piling works for various types of buildings and acting as contractor for super-structure construction works. The Group also supplies ready-mixed concrete, sand and shingle to the Myanmar construction industry.

Telechoice And Fortune Telecom Form JV In China


TeleChoice International Limited and Hong Kong Exchange Main Board listed Fortune Telecom Holdings Limited have entered into a joint venture agreement for the provision of logistics and fulfillment services for Nokia-branded handsets throughout the People’s Republic of China.

Under the terms of the agreement, TeleChoice and Fortune will establish and invest in a Hong Kong incorporated joint venture company, TeleFortune (China) Investments Limited and its sole, wholly-foreign-owned PRC subsidiary, Shanghai TeleFortune International Trading Co. Ltd (‘Shanghai TeleFortune’). Telechoice will take a 40% stake in TeleFortune’s issued share capital for a cash consideration of HK$50 million. Fortune will hold the remaining 60% of the joint venture company and will contribute HK$45 million in the form of businesses undertaken pursuant to a fulfillment agreement with Nokia, as well as various stocks and assets. Subject to terms to be mutually agreed, Fortune will also extend an interest-free, shareholders’ loan of HK$30 million to TeleFortune.

TeleFortune and Shanghai TeleFortune will primarily provide logistics and fulfillment services for Nokia-branded mobile handsets to all Nokia-appointed fulfillment, distribution and retail channels such as Nokia Professional Centres, Nokia Specialty Shops and Nokia Priority Dealers throughout China.

TeleChoice International ("TeleChoice") is a leading regional provider of mobile telecommunications equipment and solutions with operations in Singapore, Indonesia, Australia and Malaysia. TeleChoice is also established a presence in Thailand and the Philippines. The Group provides a broad and diverse range of equipment and solutions to different segments of the telecommunications industry namely, mobile network equipment providers, mobile network operators, enterprises and retail customers requiring mobile handsets and accessories as well as value-added telecommunication services such as international long-distance call services. Its also provide mobile network and engineering services and solutions. 

Subscription Of Shares In HLN Micron Pte. Ltd.


The Board of Directors of HLN Technologies Limited’s subsidiary HLN Micron Pte. Ltd. has increased its issued and paid-up share capital from S$1,000,000 to S$4,000,000 by the allotment of 3,000,000 ordinary shares, fully paid, for a total consideration of S$3,000,000.

Following the aforesaid subscription of shares, the number of shares held by the Company has increased from 1,000,000 ordinary shares to 4,000,000 ordinary shares through the subscription of 3,000,000 ordinary shares fully paid, in the capital of HLN Micron. The consideration paid by the Company for the additional shares subscription was satisfied by cash consideration of S$2,350,000 and capitalizing the amount S$650,000 owing by HLN Micron to the Company.

The additional investment by the Company in HLN Micron is not expected to have any material effect on the earnings per share or net tangible assets per share of the Group for the current financial year.

HLN is involved in the manufacture and sale of customised precision metallic, elastomeric and polymeric components, which are used in a variety of industries principally in the office automation, consumer electronics and automotive industries.

CEO's Walk The Talk
“..The Group is optimistic that business opportunities in the current year will remain strong. We expect both top and bottom lines to continue its growth momentum in the medium term, barring external circumstances beyond our control. We aim to achieve this through both organic growth and acquisitions. In addition to growing our existing customer base and expanding our business in our key business segments, we are proactively seeking to acquire complementary and synergistic businesses.”

Gilbert Ong, Chairman and CEO,
Armstrong Industrial Corporation Limited



Highlighted Company


The Company was incorporated in Bermuda on 8 September 2003. It is a food manufacturer focusing on soybean-based food products. Its business consists primarily of the manufacture and sale of soybean-based food products.

Its customers are mainly distributors who purchase its food products for sale to the ultimate consumers of its food products, and food manufacturers. The soybean-based food products manufactured by the Group can be generally categorised into health beverages, soy protein isolate and soybean oil.

Celestial NutriFoods is a Beijing-based manufacturer of soybean-based food products sold under the "Sun Moon Star" trademark, with production facilities in Daqing, Heilongjiang Province, the largest soybean production region in China. Its major products are distributed through around 50 appointed distributors to about 11,000 supermarkets, such as Carrefour and Wal-Mart, in around 150 cities in China.






































Historical Price Data
 Date Open High Low Close
Volume  
07 June 2007 1.510 1.530 1.500 1.510
1,060,000
06 June 2007 1.510 1.540 1.510 1.540
261,000
05 June 2007 1.520 1.530 1.510 1.530
423,000
04 June 2007
1.530
1.540
1.510
1.510
892,000
01 June 2007 1.480 1.510 1.480 1.510
613,000

Fundamentals
Historial EPS ($) a
  0.11725
Rolling EPS ($) e
  0.11724
NAV ($) b
  0.4570
Historical PE
  12.793
Rolling PE f
  12.794
Price / NAV b
  3.282
Dividend ($) d
  0.020000
52 Weeks High
  1.820
Par Value ($)
  USD 0.060
Dividend Yield (%) d
  1.333
52 Weeks Low
  1.030
Market Cap (M)
  954.709
Issued & Paid-up Units c
  636,473,000
 
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 14/05/2007. 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
23 May 2007 Remuneration Committee And Nominating Committee Composition
22 May 2007 Celestial To Expand Retail Product Range
22 May 2007 Proposed Investments To Engage In The Production Of High Protein Nutrient Beverages And High Protein Nutrient Powders In The People's Republic Of China
14 May 2007 Celestial's 1QFY2007 Sales Surge 72% To RMB398 Million
14 May 2007 First Quarter Financial Statement And Dividend Announcement



Disclaimer: Although every reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this publication, neither the publishers, authors and their employees and agents can be held liable for any errors, inaccuracies and/or omissions, howsoever caused. We shall not be liable for any actions taken based on the views expressed, or information provided within this publication. Information within this publication should not be taken or construed as an offer of, or the giving of, advice to buy or sell securities. The publishers, its associated companies and their officers, directors, employees may own or may have owned or have positions in the securities mentioned or reported in this publication, and may from time to time, add on to or dispose such securities. You should always seek your own professional advice from the appropriate advisor or institution. No part of this publication may be reproduced, stored, transmitted in any form of by any means without the permission of the Publisher.
 
 
ShareInvestor Pte Ltd 158 Cecil Street #08-03 Dapenso Building S(069545)
Tel: 62208807 Email: admin@shareinvestor.com