02 July 2007      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
Equation
625,008

Jasper

607,624

Yongnam
588,784
Digiland
565,645

BanJoo

510,764
Weekly movement as at 02 July 2007
WEEK'S TOP GAINER
 Name
Price  
Chg 
CMProp 100 HK$
26.300
+2.300
CCCC RB eCW070808
6.150
+0.900
CLI RB eCW070710
2.570
+0.630
OUE
14.800
+0.600
Jardine C&C
15.700
+0.600
Weekly movement as at 02 July 2007

 
HEADLINES FOR THE WEEK
Daiwa Securities: Looks to shore up Asia investments with 100b yen of deals in the pipeline.
Keppel: Brings in two offshore oil rig projects valued at US$534m.
Autron Corporation: Engages in US$34m acquisition of 80 percent stake in China-based DBG Holdings.
Meghmani : Sees Indian IPO shares 26.94 times oversubscribed and raises $38m in proceeds.
Connect Holdings : Acquires 82 percent PacNet stake in lieu of takeover attempt.
China Sunshine: IPOs 120m new shares at 39 cents per share
New Wave Holdings: Director Chern Wee Ling pars down stake from 11.42 percent to 0.03 percent.
CapitaLand: Proposes China and India property funds to be launched by this year.
UTAC: Sees $2.2b acquisition bid from Affinity Equity Partners and TPG Capital.
SembCorp Marine: Clinches offshore rig building projects worth US$190m.

 

KS Energy: Takes in 2 land rig projects at $47m.
Equation Corporation: Gives go ahead option to Mcpeekay Consulting Group to buy 150m Centillion Environment and Recycling shares.
United Engineers: Unloads 29m shares in Yong Nam worth $12m to raise working capital.
Noble Groups: Purchases 4.3m shares in Gloucester Coal for a combined 10.4 percent stake as the company's largest stakeholder.
Swiber Holdings : Expects to get $120.4m in light of proposed 55.35m private share placement.
Hyflux: Wins 2 China contracts valued up to RMB 237m.
UTAC: Share prices rose 8.3 percent in light of acquisition offer by Texas Pacific Group and Affinity Equity Partners.
NOL: Places US$1b order for 8 large, high-speed container ships.
Ascendas: Proposes launching of China real estate fund to capture property market there.
Suntec Reit: Sees third largest shareholder Lee Shau Kee unload stake for $153m. 
Singtel: To acquire 30 percent stake in Pakistan-based Warid Telecom.

 

HOT Off The Press

Autron Signs Agreement To Acquire 80% Stake in Leading EMS Service Provider in China

Autron Corporation Limited signed a Share Sale Agreement to acquire 80% interest in DBG Holdings Limited at a purchase consideration of US$34 million.

This acquisition is part of Autron's strategy to acquire synergistic businesses with proven track records and positive cash flows. DBG Group has participated in many strategic alliances with diverse local electronic manufacturers, which Autron would be able to leverage on DBG Group's manufacturing expertise, resources and relationships with customers and suppliers.

The Group's existing operations in Malaysia would complement this acquisition through its subsidiary Fine Pulse Sdn Bhd. With this, Fine Pulse will be able to reap synergistic benefits through the sharing of technological expertise and processes. In addition, Fine Pulse would be able to offer manufacturing facilities in China to its existing customer base.

Autron Corporation Limited is the largest fully integrated supplier and exclusive distributor of assembly equipment and services to some of the world's most recognizable names in the electronics industry today — including Philips, Motorola, Nokia, Acer, Flextronics, Seagate, Haier and more. With an established network of Sales and Service Centres that is reputed to be the most extensive in Asia, a resolute and determined management team, and the confidence and backing of some of the most influential institutional shareholders in the region, Autron Corporation is your ready gateway to the heart of the fastest growing markets in the region today.

Eu Yan Sang Incorporates A New Subsidiary


Eu Yan Sang International Ltd's wholly owned subsidiary, Eu Yan Sang (1959) Sdn Berhad (EYSSB), has incorporated a subsidiary in Malaysia, Vistern Health Sdn Bhd (VHSB). The authorized and paid-up capital of VHSB is RM800,000 divided into 800,000 ordinary shares of RM1.00 each.

EYSSB will subscribe for 600,000 ordinary shares at a cost of RM600,000. Ms Ng Seok Teng will subscribe for the remaining 200,000 ordinary shares of RM1.00 each.

VHSB will carry on the business of importation, sale and distribution of honey, traditional Chinese medicine products, herbal health supplements, canned drinks and packaged foods, including raw and processed herbs.

Eu Yan Sang International Limited (EYS) is a progressive, global healthcare company with its core focus in Traditional Chinese Medicine (TCM).

New Cosco Shipyard Facility Set For Production


COSCO Corporation (Singapore) Limited announces that a new VLCC size dry dock (470m x 68m) facility at COSCO (Zhoushan) Shipyard Co., Ltd - a wholly-owned subsidiary of COSCO's subsidiary, COSCO Shipyard Group has been completed and put into trial production on 18 June 2007, 15 days ahead of schedule.

This is the third dry dock in the COSCO Zhoushan facilities. The new dock is able to accommodate the entire range of ocean going vessels up to 300,000 dwt VLCC (Very Large Crude Carriers).

Combining this with other operational docks, COSCO Shipyard Group now has a total dry dock capacity of 1,730,000 dwt, up 28% from that as of the end of 2006. As part of the trial production, two sister chemical vessels, "Stolt Hill" and "Stolt Mountain", belonging to Stolt-Nielsen Transportation Group are now simultaneously accommodated in the new dry dock.

COSCO Corporation (Singapore) Limited ("COSCO" or the Company) has the largest Ship Repair, Ship Building & Marine Engineering operation in China. A diversified group with activities also in the Dry Bulk Shipping, Shipping Agency and other sectors, it is the SGX Mainboard-listed subsidiary of China Ocean Shipping (Group) Company ("COSCO Group"), China's largest shipping group and one of the top shipping conglomerates in the world.

CNA To Acquire Leading Dubai-based Company To Augment Core Control And Automation Business

CNA Group Ltd. announced today that it will be significantly strengthening its presence in the Middle East through the acquisition of a leading Dubai-based company to augment its core control and automation business, and the establishment of its joint venture with Saudi Economic and Development Co. Ltd. (SEDCO) in Dubai, The United Arab Emirates. CNA, through its Dubai-based subsidiary CNA Integrated Technologies (LLC), has signed a non-binding term sheet with Al Hani Gulf Contracting LLC whereby CNA Integrated will invest in, or form a joint venture with Al Hani.

CNA Integrated is expected to acquire an aggregate beneficial shareholding interest of 50% plus one share in the capital of the final investment vehicle with an investment contribution of AED 17.0 million. The completion of the Al Hani Investment is expected to immediately enable CNA to localize its operations by expanding CNA Integrated's base of technical manpower resources in the Middle East and providing immediate accreditation for CNA Integrated to undertake MEP and specialised system projects and tenders, widen CNA Integrated's regional network, and generate synergies with the Group's existing control and automation business in the Gulf Cooperation Council ("GCC") region.

Following the approval of shareholders received on 3 April 2007, the Group will be forming a joint venture with SEDCO in Dubai. CNA and SEDCO have agreed to a share transfer which will increase the share capital of CNA Integrated from AED 300,000 to AED 40.0 million. After the aforesaid transfer of shares, CNA and SEDCO will beneficially own 50% plus 1 share and 50% less 1 share of the capital of CNA Integrated respectively. The funds will be used for acquiring strategic companies, future business development efforts as well as working capital for future projects. Going forward, the CNA-SEDCO Joint Venture will focus on providing, designing, implementing and maintaining advanced integrated control and automation systems and IT solutions in the Middle East, North Africa, Turkey, Pakistan and India.

CNA Group Ltd. is an award-winning specialist in the provision, design, implementation and maintenance of advanced integrated control and automation systems and IT solutions that enable intelligent buildings and facilities. We are primarily focused in the turnkey development of integrated control and automation solutions, the provision of system maintenance and value-enhancement services and the sale of environmental control and engineering products

Boustead Acquires Australian Combustion Technology Business

Boustead Singapore Limited has acquired the Maxitherm combustion technology business in Australia from Maxitherm Boilers Pty Ltd (MBPL). The Maxitherm brand for combustion technology is among the most renowned regionally. More than half a century of research and development has been dedicated to developing Maxitherm combustion technology and its award-winning range of industrial boilers. Maxitherm combustion technology is the integral component of the Boustead Group's solid waste energy recovery systems

The consideration to be paid for the Business is A$400,000 in cash, with A$200,000 paid upfront and the second installment of A$200,000 to be paid upon MBPL completing its existing projects. The consideration was arrived at after arm's length negotiations on a willing buyer-willing seller basis. The acquisition of the Business was funded from the Company's internal resources. The Company had in June 2003 acquired the intellectual property rights to Maxitherm combustion technology from MBPL through its wholly-owned subsidiary, Maxitherm Combustion Technologies Pte Ltd. By way of a licensing agreement with MBPL, Maxitherm combustion technology designs and intellectual property were licensed for use by MBPL in Australia and MBPL was allowed to distribute semi-finished industrial boilers (fabricated by the Company's Indonesian subsidiary, PT Boustead Maxitherm Industries) for installation in Australia.

With the acquisition of the Business, the full range of activities involving Maxitherm combustion technology will now be undertaken by the Boustead Group, strengthening its regional presence in the solid waste energy recovery industry. A new wholly-owned subsidiary in Australia, Boustead Maxitherm Boilers Pty Ltd has been incorporated to directly undertake the marketing and installation of Maxitherm combustion technology in Australia.

Established in 1828, Boustead has transformed itself from a trading entity into a progressive global Engineering Services & Geo-Spatial Technology Group, under the current management team, led by Chairman & Group CEO, Mr Wong Fong Fui. Boustead's core activities are Engineering Services and Geo-Spatial Technology.

Heeton In Joint Acquisition Of Freehold Site At Lincoln Lodge

Heeton Holdings Limited is part of a consortium comprising of Koh Brothers Group Limited, KSH Holdings Limited and Lian Beng Group Ltd, with equal shareholding each, which has been successfully awarded the prime freehold property known as Lincoln Lodge off Newton Road, in District 11, for a total cash consideration of S$243 million. The Property has a land area of about 60,000 square feet, with a plot ratio of 2.8, which would, with the possible acquisition of the state land of 3,358 square feet, permit a total gross floor area of approximately 177,359 square feet.

The Purchase Price for the Property was arrived after taking into account various commercial factors including the development potential, location of the Property and the recent transacted prices for properties in the vicinity. This prime site has the potential for redevelopment into a 36-storey residential block comprising 120 units of luxurious apartments averaging 1,600 square feet each.

The acquisition and purchase of the Property will be financed by internal funds and bank borrowings. The acquisition is not expected to have a material impact on the Group's net tangible assts or earnings per share for the financial year ending 31 December 2007. None of the directors of Heeton has any direct or indirect interests in the above transaction.

 

Heeton Holdings was established in 1976, as a private company engaged in the ownership, lease and operation of wet markets and retail outlets as well as the development of small to medium sized property projects. Heeton became a public listed company in September 2003. Since its formation, the company has been renowned for its unique property developments aimed at the discerning home-buyers as well as favourable returns from its retail and wet market operations. Their leadership and niche business focus in the key business segment of retail and wet market operations creates strategic long-term strengths as well as future growth opportunities for the company. Similarly, Heeton's property developments are focused in quality and characterised by their unique architectural features alongside high construction standards. By building on its key strengths, niche focus and positioning, Heeton is well placed in its pursuit of continued success, consistent operational excellence and outstanding financial performance guided by the farsighted and flexible management team.

 

 


Meghmani's Indian IPO 26 times over-subscribed


Meghmani Organics Limited's Initial Public Offering in India to list its equity shares on the National Stock Exchange of India and the Bombay Stock Exchange has attracted strong interest from the investment community. For its IPO, Meghmani offered for sale a total invitation of 53,684,211 Shares issued at Rs19 (S$0.72) each, amounting to total proceeds of Rs 1.02 billion (S$38 million) (based on an exchange rate of 0.03778 as at 22 June 2007). The invitation comprised the following:

• Qualified Institutional Buyers (QIB) – 32,210,526 Shares, representing 60% of Net Public Offer;
• Non Institutional Bidders – 5,368,421 Shares, representing
10% of Net Public Offer; and
• Individual Retail Bidders – 16,105,264 Shares representing
30% of Net Public Offer. IL&FS Investsmart Ltd. and Edelweiss
Capital Ltd. are the Book Running Lead Managers for the
Issue. 

Based on the total invitation size and the total valid applications (168,117) amounting to Rs.14,816 million as at the close of the application list on 7 June 2007, Meghmani's IPO was oversubscribed by 26.94 times. In the QIB category, the IPO was 23.14 times Oversubscribed, 45.84 times oversubscribed in the Non Institutional category, and 28.26 times oversubscribed in the Retail category. At Rs 19 per share, the 53,684,211 Shares, which represents 21.11% of Meghmani's enlarged share capital of 254,314,211 Shares, are being offered at a historical price earnings ratio of 9.95 times, based on net earnings of Rs 1.91 for financial year ended 31March, 2006.

As part of its expansion plans, Meghmani intends to utilise the IPO proceeds of Rs1.02 billion to finance the setting up of a new high performance pigment plant at Vatva, Ahmedabad and a multi-purpose agro-chemicals plant at Panoli. The Group also intends to invest in its subsidiary, Meghmani Energy Limited, to finance the 3 MegaWatt captive power plant to be located at Chharodi. The funds raised from the IPO will also be used for inorganic growth / diversification opportunities and working capital requirements. 

Meghmani is principally engaged in the manufacture and sale of Pigments and Agrochemicals. They carry out our manufacturing activities at four plants all situated in Gujarat, India.

Oculus Proposes Acquisition Of Chinese Electric Power Company

Oculus Limited has, on 25 June 2007, entered into a framework agreement with Mr. Wu Jin (the Vendor) in respect of the proposed acquisition by the Company of Hunan Zhangjiajie Chalinhe Electric Power Co., Ltd (the Target). Pursuant to the Framework Agreement, the Vendor, who holds 62 percent of the entire issued and paid-up share capital of the Target, proposes to sell and procure all the shareholders of the Target to sell, and the Company wishes to purchase, the entire issued and paid-up share capital of the Target.

The Target owns a hydropower plant located at Cili County, Hunan Province, the People's Republic of China, which is in the final stages of construction and anticipated to have a maximum capacity of 54 mega watts. In addition, the Target has been granted a concession right by the Cili County Government of Hunan Province to operate the Plant for a period of 50 years commencing from 1998. The Target has also entered into an agreement with the Hunan Zhangjiajie Electricity Bureau for the supply of electricity which is renewable annually.

The consideration for the Proposed Acquisition shall be an aggregate of RMB700 million, which shall be utilised for, inter alia, to pay off the existing debts of the Target and to complete the construction of the Plant.In connection with the Proposed Acquisition, the Company will also pay an arrangement fee to Cheung Cho Ching amounting to an aggregate of RMB200 million in consideration of consultancy and other services rendered by him in relation to the Proposed Acquisition. The payment of the arrangement fee is subject to, amongst other things, the signing of definitive agreements on, and completion of, the Proposed Acquisition.

Oculus Limited is focused on the innovation, manufacturing and marketing of colour lenses. Its colour lenses are principally marketed under the FreshKon® and Unicon™ brand names globally. Aside from colour lenses, Oculus Limited also offers disposable daily clear lenses, disposable bi-weekly and monthly clear lenses under FreshKon® brand, and gas permeable lenses and solution under the Boston® brand to its broad customer base. With direct presence in Singapore, China, Taiwan, Hong Kong and Malaysia, its products are sold in over 45 countries globally.

Cambridge Acquires 28 Senoko Drive And DP Computers Building At 128 Joo Seng Road for S$22 Million

Cambridge Industrial Trust Management Limited, the Manager of Cambridge Industrial Trust (CIT) completes the acquisition of two properties with a combined acquisition value of S$22 million. 28 Senoko Drive, Singapore 758214 was acquired at a purchase price of S$12 million while DP Computers Building located at 128 Joo Seng Road, Singapore 368356 was acquired for S$10 million on 25 June 2007.

On 25 June 2007, RBC Dexia Trust Services Singapore Limited as trustee of CIT exercised the put and call option agreement dated 25 April 2007 with Tat Seng Packaging Group Ltd for the purchase of 28 Senoko Drive. On the same day, the put and call option agreement dated 9 April 2007 with DP Computers Pte Ltd was also exercised by the Trustee for DP Computers Building.

The purchase price and other acquisition-related costs of the Properties are fully funded by debt.

Cambridge Industrial Trust ("CIT"), listed on the Singapore Exchange on 25th July 2006, is Singapore's first independent industrial real estate investment trust (REIT), and a conduit for investors to Singapore's high growth industrial sector. The Trust invests in income-producing industrial properties and has an existing portfolio of 32 properties valued at $662 million. They range from logistics and warehousing properties to light industrial properties, all located across Singapore's key industrial zones. This provides a secure and stable yield to Unitholders. The management team is anchored by experienced professionals with a breadth of expertise in fund, asset and property management sectors regionally as well as locally.

KS Energy Bags S$47 Million Contracts Including First AOS Rig Drilling Contract To BP In Pakistan

KS Energy Services Limited announced that the recently acquired Atlantic Oilfield Services (AOS) has entered into a S$34.3 million drilling contract with BP Pakistan for the supply and management of a 1500HP land drilling rig. The rig will be deployed on the Badin field located 175 km north-east of Karachi.

The drilling contract comprises a one-year primary term and an extension option into the second year. The BP contract is the first drilling contract secured by AOS following its recent acquisition by KS Energy and will be fulfilled by a 1500HP National 110 land drilling rig. This drilling rig was recently acquired by KS Discovery Limited, a wholly-owned BVI subsidiary of KS Energy. The rig will be refurbished, re-certified and upgraded by AOS to the latest and highest standards at AOS facilities in Dubai. The rig is expected to be shipped to Pakistan later this year for commencement of drilling operations in the first quarter of 2008.

Additionally, KS Energy also secured a S$12.8 million dry lease charter contract in Kurdistan for a period of 2 years with a one year renewal option. This contract involves the rental of the land rig only and no drilling crew will be provided. The charter revenue is expected to commence in fourth quarter of FY2007. The total contract value of the two abovementioned contracts amounts to approximately S$47 million. These contracts will be funded by a combination of internal resources and borrowings.

KS Energy is an energy services group catering to the oil & gas and petrochemical industries around the world. In addition to distributing more than 60,000 oil and gas, marine and tubular related products items that encompass more than three hundred global brands, the Group through a series of acquisitions in the last few years enhanced its expertise in the related services of procurement, distribution, engineering and offshore chartering to support its customers.

Shanghai Asia Incorporates Subsidiary

Shanghai Asia Holdings Limited's wholly-owned subsidiary, Shanghai Asia Company Pte Ltd (SACPL) has incorporated Jiangyin Zhongji Aluminium Industries Co., Ltd (JZAI) as a wholly-owned foreign investment enterprise in the Peoples' Republic of China. JZAI was incorporated for the further investment in two new local aluminium foil rolling lines for the Jiangsu Zhongji Lamination Materials Co., Ltd's aluminium foil rolling mill project for the production of thin gauge aluminium foil in the PRC.

Jiangsu Zhongji is a foreign investment enterprise in the PRC jointly invested by the Company and its major shareholders, New Toyo International Holdings Limited (NTIH), Hong Ji International Holdings Limited (Hong Ji) and other shareholders. SACPL currently has a 46 percent equity interests in the registered capital of Jiangsu Zhongji.

JZAI is incorporated with a registered capital of US$6million. As at to date, SACPL has invested RMB 21.2 million in the registered capital of JZAI. The total proposed investment of JZAI is US$12 million for the two new local aluminium foil rolling lines. The new investment will be funded by the capital contribution of US$6 million in registered capital, and the balance of US$6 million, will be funded through external bank borrowings by JZAI.

The two new local aluminium foil rolling lines, when fully installed in 2008, will increase the production capacity of Jiangsu Zhongji's aluminium foil rolling mill from the current 45,000 mtons to 65,000 mtons per annum.

Shanghai Asia is one of the pioneers specialising in gravure printing of cigarette paper packaging for leading cigarette brands of the major cigarette manufacturers in the PRC.

 

CEO's Walk The Talk

"..Our strengths have always been in the food and beverages (‘F&B') business since our inception in 1987 and our formula for success is a dual focus on product development and market development. In terms of product development, we strive to maintain our market leadership in 3-in-1 instant coffee while diversifying into non coffee-related products to augment our growth. As for market development, we will continue to penetrate our key Southeast Asian markets while opportunistically developing new areas. This dual focus is further supported by our brand building initiatives and advanced manufacturing operations."

Teo Kee Bock, Chairman, Super Coffeemix Manufacturing Ltd.

 




Highlighted Company


Established in 1987 and listed on the Singapore Exchange in 1994, Super is a leading diversified manufacturer of instant convenient food and beverages that are marketed and distributed globally.

Super is the first to introduce the concept of 3-in-1 instant coffeemix in Singapore. The product proved to be a big success and the concept has since been adopted by other coffee manufacturers. Not one to rest on its laurels, Super has diversified its range of products to include more than 300 different types of food and beverages.

Today, Super's products are distributed to more than 50 countries worldwide through its entrenched distribution network comprising local retailers and distributors. In each market, Super's products are customised to suit the palates of its market, leveraging on its core competency in Research & Development.

Super meets the demand for its products through its 13 manufacturing plants located in Singapore, Malaysia, China, Myanmar and Thailand. Each facility is equipped with state-of-the-art production lines that are customised to meet stringent international manufacturing requirements.

Super is the only company in Singapore with manufacturing capabilities for cereal, soluble spray dried coffee and non-dairy creamer. It has been accredited Pioneer Status by the Singapore Economic Development Board for its cereal (1993), soluble spray dried coffee (1998) and non-dairy creamer plants (2003).






































Historical Price Data
 Date Open High Low Close
Volume  
28 Jun 2007 0.925 0.960 0.925 0.950
2,748,000
27 Jun 2007 0.930 0.940 0.920 0.920
472,000
26 Jun 2007 0.935 0.935 0.920 0.930
443,000
25 Jun 2007
0.940
0.945
0.935
0.935
225,000
22 Jun 2007 0.950 0.950 0.940 0.945
136,000

Fundamentals
Historial EPS ($) a
  0.04526
Rolling EPS ($) e
  0.05123
NAV ($) b
  0.4177
Historical PE
  21.432
Rolling PE f
  18.934
Price / NAV b
  2.322
Dividend ($) d
  0.016000
52 Weeks High
  1.070
Par Value ($)
 n.a.
Dividend Yield (%) d
  1.649
52 Weeks Low
  0.500
Market Cap (M)
  526.267
Issued & Paid-up Units c
  542,543,000
 
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 11/05/2007. 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

24 May 2007

Increase In Investment In Super Coffeemix Marketing Sdn Bhd

10 May 2007

Appointment To Audit Committee

10 May 2007

Super Coffeemix's 1Q2007 Net Profit Jumps 44% To S$10.8 Million
10 May 2007 First Quarter Financial Statement And Dividend Announcement
27 Apr 2007 Use Of Proceeds From The Sale And Leaseback Of Super Coffeemix Manufacturing Ltd's Building And Leasehold Interests In The Properties At No. 2 Senoko South Road And No. 26 Senoko Way



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