23 July 2007      
Volume `000 
Weekly movement as at 20 July 2007
Kep Corp
SPC SGA eCW070910
Weekly movement as at 20 July 2007

Equation Corp: And Oei Hong Leong add another $16.1m in investment capital to Centillion Environment and Recycling
Advanced Holdings: Clinches 3 petrochemical projects valued at $8.7m
Labroy Marine: Wins 2 shipbuilding projects valued at US$47.2m
Amtek Engineering: Sees over 90 percent of shares acquired by business consortium which included Metcomp Co and Standard Chartered Bank
Epure International: Proposes purchase of water-treatment equipment company in China
Dubai Drydocks World: Gets go ahead to acquire up to 88 percent stake in Pan-United Marine
Noble Group: Sees US$1.2b revolving credit facilty over-subscribed by 20 percent
King Wan Corporation: Proposes 24m new shares placement at 29 cents per share
Sitra Holdings: Plans stock split at one-to-two ratio for all ordinary shares
PSL Holdings: Wins foundational engineering projects valued up to $6.3m between the late June to mid-July period in 2007


United Fiber: Proposes sale of US$200m in bonds and warrants to Morgan Stanley-affiliated hedge fund
Nobel Design Holdings: Looks to purchase additional two properties at Jalan Lim Tai See
Ascendas: Launches new fund to invest US$1b and more in Vietnam, Malaysia and the Philippines
UTAC: Buyout opposed by 6 percent stakeholder HDH Capital Management
OKP Holdings: Clinches 2 PUB civil engineering projects valued at $22.6m
China Sports: Sees IPO 7.9 times subscribed
Epure International: To take in $66m from sale of 30m new shares
Hiap Seng Engineering: Clinches $19.2m mechanical works project for GlaxoSmithKline
Ace Achieve: Sees net profits up by 53 percent at RMB 22.4m
Ascendas: Launches new fund to invest US$1b and more in Vietnam, Malaysia and the Philippines
Linair Technologies: Wins project to supply fume exhaust ans ventilation ductwork worth $12.5m
Super Coffeemix: Makes deal with Goh Seng Hui to acquire $16.1m worth of PSC Corporation shares
First Ship Lease Trust: Saw revenues for this quarter hit US$12.7m, 3.8 percent higher than projected


CXO Interview

Midas Continues To Blaze Rail Transport Trail In H1 2007

Midas Holdings Limited emerges as one of the leading manufacturers of Aluminium Alloy extrusion products and Polyethylene (PE) pipes for the rail transportation and infrastructure sectors in the PRC.

The company secured 2 contracts in February valued at RMB 50 million for the supply Aluminium Alloy Profiles. The first project worth RMB 27.6 million was signed between Changchun Railway Vehicles Co., Ltd in collaboration with ALSTOM Transport SA for 10 train sets (1 train set = 8 car bodies) of Electrical Multiple Unit High Speed Train Car Bodies capable of traveling up to 200 kilometres per hour. This is an additional order that Midas sealed for the Regional Line Phase 1 Project, making Midas the sole supplier for the local content portion of this project. The first contract worth RMB 103 million was signed in 2005. The second contract worth RMB 22.4 million was signed with CSR Nanjing Puzhen Rolling Stock Works. Midas was selected to be the sole supplier to supply aluminium profiles for this project.

In April, Midas’ JV partner, CSR Nanjing Puzhen Rolling Stock Works and their consortium partners, Shanghai ALSTOM Transport Electrical Equipment Co.,Ltd. and ALSTOM Transport S.A clinched a major deal with Nanjing Metro Co., Ltd to supply metro train cars, valued at RMB1.25 billion. CSR Nanjing Puzhen Rolling Stock Works and its consortium partners will supply 24 metro train sets, comprising 6 train cars per train set, totaling 144 train cars between 2008 and 2010.

Midas secured an additional contract in May valued at RMB 71 million from Changchun Railway Vehicles Co. to be the sole supplier of aluminium alloy extrusion profiles for 51 train sets (1 train set = 6 train cars), an equivalent of 306 train cars for the Shanghai Metro Line 9 project to be fulfilled between 2007 and 2009.

Aside from the PRC market, Midas has also made much headway in their Russian, Europe and ex-Europe expansion plans when its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co. Ltd. secured two contracts from Siemens Aktiengesellschaft Berlin and Munich, division Transportation Systems (Siemens) to supply aluminium alloy profiles for the Valero Rus Project in Russia and the Desiro Mainline Project.

The first contract valued at Euro 1.8 million will see Midas supplying aluminium alloy profiles required for 8 high speed trains for the Valero Rus Project in Russia. The trains will be used for passenger service between Moscow and St Petersburg, and between Moscow and Nizschnij Novgorod. The second contract worth Euro 1.2 million is for Germany’s Desiro Mainline Project. Under the contract, Midas will supply an initial order of 16 train sets (3 cars per train set), which will be used on the European and ex-European markets. Siemens intends to establish a vehicle platform, the Desiro Mainline on the European and ex-European markets and plans to build approximately 300 trains in total.

Based on the aforementioned deals, CEO Mr. Patrick Chew feels that the business outlook is still very positive. Mr. Chew said that the company is in the right place at the right time and hopes to enhance shareholders’ equity with the growing PRC and East European markets.

HOT Off The Press

CMZ IPO Attracts Strong Investor Interest

CMZ Holdings Ltd. announced that its initial public offering has attracted strong interest from institutional and retail investors. For its IPO, the Group offered a total invitation of 76,163,000 New Shares at S$0.23 per share. Of the total share offering, 1,800,000 shares were available to the public for subscription, while the remaining 74,363,000 shares were for placement.

As at the close of the public offer at 12 noon on 12 July 2007, there were 13,396 valid applications received for the 1,800,000 Offer Shares made available to the public. In total, these applicants applied for an aggregate of 800,204,000 Offer Shares, with application monies received amounting to approximately S$184.0 million. Besides the overwhelming demand for the public offer tranche, CMZ’s Placement Shares have also been fully taken up.

Based on the total invitation size of 76,163,000 Invitation Shares and the total valid applications received for both Offer Shares and Placement Shares, the IPO was approximately 11.5 times subscribed. Trading of CMZ’s shares on the Main Board of SGX-ST will commence on 16 July 2007. CMZ will utilise the funds to expand production capabilities by acquiring land use right, approximately 15,300 sq m of land adjoining the Group’s current production plant, to expand business operations.

The principal activity of the Company is investment holding. The principal activities of its Subsidiary are those of production and sales of zippers. Its zippers are widely being sewed as critical parts in garments and bags. Its primary customers are mainly major manufacturers and distributors of these products located in the region of Yangtze River Delta and Pearl River Delta, who subsequently distribute and sell their finished goods in China and to other countries in Europe, USA, Asia and the Middle East. The Company's zipper products are targeted at the mid to high end market of the garment industry, which pays a premium for quality zippers.

Epure Signs MOU To Acquire Beijing Hi-Standard Water Treatment Equipment Co., Ltd

Epure International Ltd. is pleased to announce that it has signed a memorandum of understanding with Shanghai Jingke Investment Management Co., Ltd.

The MOU sets out the mutual intention of both parties for Epure to acquire at least 70% and up to 100% equity stake in Beijing Hi-Standard Water Treatment Equipment Co., Ltd, a wholly-owned subsidiary of Shanghai Jingke. Both parties intend to start exclusive negotiations thereafter and complete the transaction by the end of 2007.

The principal activities of HSWTE include the provision of designing, research and development, manufacturing, supplying, consultation and transfer of technology for environmental protection equipment in the People’s Republic of China. The sales and services of HSWTE are made to customers in more than 20 provinces, mainly in the northern, north-eastern, south-eastern and central parts of the PRC. It currently also exports customised environmental protection equipment to countries such as Canada, USA, South Africa and Zambia.

Epure International is one of the leading one-stop water and wastewater treatment solutions providers in the PRC that is backed by extensive R&D, technical expertise and proven track record. We develop proprietary water and wastewater treatment technologies and customise them into effective turnkey solutions for both industrial and municipal projects.

OKP Holdings Secures Two Contracts Totalling S$22.6 Million From PUB

OKP Holdings Limited through its wholly-owned subsidiary, Eng Lam Contractors Co (Pte) Ltd, has secured two civil engineering contracts totalling S$22.6 million from the Public Utilities Board.

Both contracts are for drainage improvement works at private housing estates -- S$13.3 million for works to be carried out at East Coast Keris and MacPherson Gardens Estates, and S$9.3 million for works at Hillview, Jalan Tari and Jalan Kayu Estates.

The commencement date for both contracts is 18 July 2007. The work at Hillview, Jln Tari and Jln Kayu is expected to be completed by March 2009 while that at East Coast Keris and MacPherson Gardens Estates is expected to be completed by July 2009.

OKP is a leading home-grown infrastructure and civil engineering company in the region, specialising in the construction of airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and arterial roads. The company has recently taken on projects in the Oil and Gas Sector, providing civil construction work for petrochemical plants and oil storage terminals.

Inter-Roller Contracts Out Construction Of New Factory

Inter-Roller Engineering Limited announced that it has awarded a contract to a local building contractor to construct its new factory at a JTC site along Jalan Boon Lay and International Road. The contract is awarded based on standard building contract terms and conditions as published by the Singapore Institute of Architects.

The existing factory was designed and built 16 years ago when the Company was a small material handling equipment manufacturer for various industries. Today, as an international player in the airport logistics systems industry, Inter-Roller’s business has evolved to include higher value added activities such as system integration, software development and application, system design and engineering as well as turnkey project management. To better streamline our business operations, the new factory will be equipped with software development centre, system engineering and design centre, and research and development centre.

The construction is expected to take about 12 months to complete. When completed, the new facility will give a total gross floor area of about 20,000 square metre compared with the present gross floor area of about 14,000 square metre. In line with our expansion plan, the new facility will provide room for further expansion and improves our corporate image as a global headquarters. The Company believes that the better location will also help us to attract staff.

The total cost of construction including interior fittings and other ancillary costs is estimated to be around $17 million, or about 3.96% of the Company’s market capitalization of $429.2 million as of 16 July 2007. The Company intends to sell its existing factory prior to the relocating to new factory.

A-REIT Renewed And Leased 82,763 Square Metres Of Space In Q1 FY07/08

Ascendas Real Estate Investment Trust has renewed and signed new leases (including expansions) amounting to a total net lettable area of 82,763 square metres for the 3 months ended 30 June 2007. These leases represent an annualized rental income of S$19.1 million. More than 80% of these leases are derived from our portfolio of multi-tenanted buildings. The balance relates to the re-letting and renewal of two single-tenanted buildings. Total new leases (including expansions) for the Period were 32,827 square metres, of which 44.4% was in Business and Science Parks (including the re-letting of 9,593 square metres of space at 30 Tampines Industrial Avenue 3), and 13.7% was in Hi-Tech Industrial properties.

The remaining 41.9% was in the other two asset classes – Light Industrial & Flatted Factories and Logistics & Distribution centres. A-REIT’s portfolio comprises 50.6% (by portfolio value) multi-tenanted buildings with short term leases and 49.4% sale-and-leaseback properties with long-term leases. For the multi-tenanted portion of the portfolio, the average gross rent for the expansions, new leases and renewals in this Period for Business and Science Parks was $30.30 per square metres per month; $24.80 per square metres per month for Hi-Tech Industrial properties; $15.73 per square metres per month for Light Industrial & Flatted Factories; and $13.14 per square metres per month for Logistics & Distribution centres.

The overall portfolio occupancy rate increased to 97.2% as at 31 June 2007 compared to 96.1% a year ago. Occupancy rate for the Multi-tenanted buildings (MTB) was 95.0% compared to 92.1 a year ago.

A-REIT, Singapore's first business space and industrial REIT, was listed on 19 November 2002 with a portfolio of 8 properties worth S$545 million. It has since increased its properties to 77 with a book value of about S$3.3 billion as at 31 March 2007. It owns a diversified property portfolio in Singapore comprising business and science parks, hi-tech industrial properties, light industrial properties, logistics and distribution centres as well as warehouse retail facilities. These properties house a tenant base of over 750 international and local companies from a wide range of industries and activities, including research and development, life sciences, information technology, electronics, engineering, light manufacturing, telecommunications, logistics service providers, manufacturing services and back-room office support in service industries.

KS Energy Acquires 300-Feet Jack Up Drilling Rig

KS Energy Services Limited announced that it has approved the acquisition of a 300 feet Jack-up drilling rig known as “SNEFERU” for US$108.1 Million from the Egyptian Drilling Company (EDC).

EDC was formed as a joint venture between the Egyptian General Petroleum Corporation and the A.P. Moller – Maersk Group of Denmark. It is an international drilling company incorporated in the Arab Republic of Egypt.

The Rig is currently operating at the Baltim North Platform in the Mediterranean Sea, offshore Egypt. This acquisition will further strengthen the existing fleet of offshore rigs and vessels. This rig also provides KS Energy with opportunities to offer integrated drilling services to oil companies through its recently acquired subsidiary, Atlantic Oilfield Services Ltd. The Rig is expected to be delivered by 1st Quarter 2008.

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 & 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.



China Energy To Develop New DME Production Capacities In Ningbo And Tianjin

China Energy Limited wishes to announce that the Group has submitted the relevant applications in relation to the projects to the relevant authorities in Ningbo and Tianjin for approval. In addition, the Company has already identified suitable sites to locate the production facilities. It is intended that a subsidiary will be established in each of Ningbo and Tianjin.

Once the projects have been approved, the Subsidiaries will be established with a registered share capital of approximately US$29 million each and equity ratio of 45% and 55% between the Company and Jiutai Energy Technology Co., Ltd, a wholly-owned subsidiary of the Company, respectively, Construction for the Phase 1 DME production facilities in Ningbo and Tianjin which would add an additional 300,000 mtpa in production capacity is expected to commence in the 4th quarter of financial year 2008, subject to the relevant approvals being obtained.

Based on the Company’s past experience in the Group’s construction of its current production facilities (which was carried out in phases) and assuming the commencement of construction in the 4th quarter of financial year 2008, the construction of the Phase 1 DME production facilities in Ningbo and Tianjin is expected to be completed by the end of financial year 2009 and commercial production is subject to the timing of relevant approvals being obtained.

China Energy Limited ("China Energy", together with our sole subsidiary, Jiutai Energy Technology Co., Ltd, the "Group") is believed to be China's largest producer of Dimethyl Ether ("DME") based on our production capacity as of October 27, 2006 (the "Latest Practicable Date" or "LPD"). DME is an environmentally-friendly fuel with lower smoke emission rates compared to certain other conventional fuels, and we believe it has the potential to become a widely-accepted alternative fuel in the future. Most of our DME is currently sold to Liquefied Petroleum Gas ("LPG") distributors, who blend it with LPG to reduce their average costs, and such fuel blend is then sold to end-consumers for household and industrial uses. Capitalising on the growth of the DME market, we increased our DME production capacity from 50,000 metric tonnes per annum ("mtpa") when we started production in January 2004, to 150,000 mtpa as of the LPD. Our Group also produces methyl alcohol ("Methanol"). We use some of our internal Methanol production as a feedstock for our DME production and also sell Methanol to third party chemical companies. Our Methanol production capacity has also increased since we commenced Methanol production in December 2003 and as of LPD, our Methanol production capacity was 250,000 mtpa.

China Hongxing Sponsors Singapore Charity Event

China Hongxing Sports Limited announced that it is the main sponsor for the Hope Run 2007, a charity run organised by Hope Centre, a voluntary welfare and charity organisation in Singapore.

Hope Run 2007 is part of "Youth For Causes”, a charity fund-raising project initiated by YMCA and Citibank. The funds raised through the run would go towards Hope Centre, which focuses on developing initiatives for youths to create a caring nation and community. Hope Run 2007 aims to promote strong family and community bonds, empower financially challenged families and youths, and promote running as a form of sports recreation. All monetary contributions received from this event will go towards helping needy students, families and old folks relieve their financial burdens.

On August 19, the day of the event, some 2,500 participants and 300 volunteers will don “Erke” apparel and accessories for the run in East Coast Park. Some 20,000 event brochures distributed across Singapore will also bear the “Erke” brand name, indicating that it is the sole official sports supplier of the Hope Run 2007. In addition, publicity stands advertising “Erke” and its products will be set up in East Coast Park during the run.

Established in 2000, China Hongxing Sports Limited ("China Hongxing" or the "Group") is one of the leading sports gear enterprises in the PRC. We are primarily engaged in the design, manufacture and sale of an extensive range of sports footwear, as well as the sale of a wide range of sports apparel and sports accessories. The Group successfully listed on the main board of the Singapore Exchange Securities Trading Limited in November 2005. All our products are sold under our "Erke" brand name, which has won several awards and accolades in the PRC. Our products are distributed and sold via an extensive retail sales network spanning more than 2,500 point of sales across the PRC.

Global Voice Group Deploys High Capacity Communications Solution For Ice

Global Voice Group announced that it has signed a deal with Ice Broadband, one of Ireland’ s largest broadband providers. Under the terms of the agreement, Global Voice enabled Ice with an integrated solution of Tier 1 global IP connectivity and a dedicated, redundant Ethernet ring, Metro¦nex, over which Ice will provision voice and data services for their expanding customer base.

Ice Broadband, headquartered in Dublin, is one of Ireland’s fastest growing broadband providers, using a range of technologies such as Wireless and satellite to deliver data and voice services. Ice required a high capacity, scalable solution to support their intensive services rollout in the greater Dublin area. Global Voice Group deployed Metro¦nex, a high capacity metropolitan Ethernet solution, in and around Dublin for the delivery of broadband to Ice’s business and residential customers.

Global Voice also enabled Ice with a wholesale offering of Tier 1 IP Transit for the fastest, most reliable user Internet access with minimum contention. The Global Voice Group (GV) was established in early 2002 and listed on the Singapore Stock Exchange in 2004 through the successful reverse takeover of Horizon Education and Technologies Limited (Horizon). The Global Voice Group Ltd. (GV) owns and operates unique highly secure optical fibre networks and duct infrastructure across 14 leading European cities. GV's optical fibre and duct networks were constructed to consist of an average of 6 sub-ducts throughout each city with at least one sub-duct in each city containing an average of 432 strands of optical fibre. GV's city networks were designed and built to provide access to all the key locations within each city including business and industrial parks, educational centres, financial centres, Government buildings and Internet exchanges.

Noble Takes Stake In Brazil Mining Company

Noble Group has acquired a 30% stake in Brazilian iron ore mining company, Mhag Servicos E Mineracao S/A (MHAG). With estimated reserves of 3.8 billion tons in five areas in the states of Rio Grande do Norte and Paraiba, Mhag is becoming a substantial producer of iron ore for export, utilising Noble through its global network as its marketing agent. Noble has considerable expertise in iron ore, logistics and freight, together with a deep knowledge of emerging markets. The consideration of USD 60 million was based on arms length commercial terms and the net tangible assets of Mhag.

Mhag is already producing and shipping high quality iron ore through the port of Suape in the state of Pernambuco. It plans to increase production in the first project phase, which starts immediately, to 3.6m tons per year. In the second phase of the project which is planned for conclusion in 2009, the production should reach 10m tons per year. To achieve this volume, Mhag will make investments in an industrial unit for pelletization with a capacity of 5m tons per year as well as investment in a slurry pipeline of approximately 130km from Jucurutu to Porto do Mangue (both in the State of Rio Grande do Norte), where dedicated facilities will be built. During the first and second stages, the material will be transported from the Jucurutu region from the Mina do Bonito mine which is already in production.

It is believed that Mhag’s mine is the closest iron ore mine to the Brazilian coast and possibly one of the closest proximities to a port of any major mine in the world. With the completion of these phases of development, it is expected that Mhag will be amongst the most competitive producers because of favorable strategic location, high quality ore, low cost internal transport and availability of all other necessary resources.

Noble Group Limited is a market leader in managing the global supply chain of agricultural, industrial and energy products. Achieving the second highest profitability in 2005 with net profits of US$231 million representing a 36% ROE on US$11.7 billion in revenue, the Group operates a network of over 70 offices in 42 countries serving more than 3500 customers. Noble Group was selected by Corporate Governance Asia as a member of the Corporate Governance Recognition Awards Class Of 2006 - The Best in Asia. In 2005, Noble Group was assigned ratings from Moody's Investors Service and Standard & Poor's Ratings Agency and joined the benchmark Straits Times Index, MSCI Index in Singapore and the FTSE - Hang Seng Index. During this period, the Group was recognized as one of BusinessWeek's Stars of Asia and FinanceAsia's Best Companies, a leader in Corporate Governance by The Asset and a Best Employer by Hewitt Associates. Noble also topped The Forbes Global 2000 - Total Return over the last five years. In 2004, Noble Group's Board of Directors was awarded the Listed Companies (Main Board) Boards Award from The Hong Kong Institute of Directors and ranked first on the Billion-dollar club of the Singapore Stock Exchange for Total Shareholder Returns over a 3 and 5 year period.

Bio-Treat Secures RMB455.28 Million Unsecured Loan Facilities

Bio-Treat Technology Limited is pleased to announce that two loan facilities of RMB390million and RMB65.28 Million have been secured with Industrial and Commercial Bank of China Limited and The Bank of China Holdings Limited, respectively. The Facilities were arranged in the fourth quarter of financial year 2007 and are a direct result of successful negotiations of the Suzhou BOT project financing (RMB390million) as well as refinancing of our Lianyungang City TOT Project that commenced operations in January 2006.

The proceeds of the Facilities will be used for the current operations of BOT and TOT projects.

The aggregate Facilities of RMB 455.28 million have been secured without the requirement of a corporate guarantee being furnished by the Company as well as any asset pledging by the Group. The maturity periods of the two loan facilities range from 6 to 10 years from the date of first drawdown and bear favorable interest rates compared with the national standard rate of 7.2%.

We are principally engaged in:

1) the development of our proprietary technology, known as ``BMS Biological Process Technology''; and

2) the application of our BMS Biological Process Technology in:

(i) the provision of our BMS wastewater treatment services, comprising consultancy and design, installation, commissioning and project management of wastewater treatment systems; and

(ii) the development, manufacture and sale of our BMS wastewater treatment and waste management products; and sale of third party waste and wastewater treatment equipment and accessories after undertaking modification processes.


CEO's Walk The Talk

“..It has been my ambition to take Midas to greater heights. I am pleased that this has been partially fulfilled when our 32.5% stake in Puzhen obtained the necessary regulatory approvals in late October 2006, and has since started operations in January 2007. Through Puzhen, we have progressed from being just a parts supplier for the railway industry to a participant in a full-fledged metro train manufacturing operation in the PRC. I believe that Puzhen will be a direct beneficiary of the high growth metro train industry in the PRC given that there are only 4 licensed rolling stock companies in the PRC nationwide.Patrick Chew,CEO
Midas Holdings Limited

Highlighted Company

Incorporated on 17th of November 2000 as an investment holding company, Midas Holdings Limited has grown over the years to gain recognition as a leading manufacturer of Aluminium Alloy extrusion products and Polyethylene ("PE") pipes for the rail transportation and infrastructure sectors in the PRC.

Under the Midas Group are three business divisions, namely: the Aluminium Alloy Division, the PE Pipe Division and the Agency and Procurement Division.

These three divisions are strategically located in the PRC to take on the opportunities as well as capitalise on the potential benefi ts of the vast developments that are taking place in the infrastructure and rail transport sectors.

Our customer base has evolved over the years to include MNCs and state-owned companies such as ALSTOM Transport SA, Siemens Aktiengesellschaft, Berlin and Munich, Transportation Systems Group, Changchun Railway Vehicles Co., Ltd and Nanjing Puzhen Rolling Stock Works.

Historical Price Data
 Date Open High Low Close
20 July 2007 1.520 1.650 1.410 1.600
19 July 2007 1.840 1.860 1.300 1.430
18 July 2007 1.940 1.940 1.830 1.840
17 July 2007
16 July 2007 2.000 2.000 1.950 1.970

Historial EPS ($) a
Rolling EPS ($) e
NAV ($) b
Historical PE
Rolling PE f
Price / NAV b
Dividend ($) d
52 Weeks High
Par Value ($)
Issued & Paid-up Shares c
52 Weeks Low
Market Cap (M)
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

19 July 2007 Announcement
16 July 2007 Notice Of Books Closure And 1st Interim Dividend Payment Date
22 May 2007 Midas Secures RMB 71 Million Contract
11 May 2007 Midas' 1QFY07 Net Profit Increases 50% To S$6.6 Million
11 May 2007 First Quarter Financial Statement And Dividend Announcement

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