06 August 2007      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
StarCrusUS$
313,504
Centillion
288,640
Yongnam
264,710
AscendasIndT
264,217
Sapphire
261,179
Weekly movement as at 03 August 2007
WEEK'S TOP GAINER
 Name
Price  
Chg 
CMProp 100 HK$
36.000
+9.800
FXIA50ETFRBeCW070810
4.840
+1.200
Capitaland
7.400
+0.350
CMB RB eCW071015
2.170
+0.340
GreatEast
18.800
+0.300
Weekly movement as at 03 August 2007

 
HEADLINES FOR THE WEEK
Creative Software Pte Ltd: Acquired by Sage Group to the tune of $10m
K-Reit Asia: Joins Suntec Reit to each buy a one third stake in One Raffles Quay for $941.5m per stake
Boustead: Subsidiary wins $74m design and build project in Ubi
CitySpring: Secures A$1.175b undersea power cable rights
Allco Reit: Makes inaugural Japanese purchase of 14-storey commercial building in Osaka for 6.5 b yen
Pacific Healthcare: JVs with Kuwait Finance House Malaysia to take a 30 percent stake in Radlink Asia for $7.26m
Ascott Group: Secures 10-year management agreements for two Kazakhstan serviced residences
ETLA Ltd: Goes ahead with 38m new shares IPO for listing on mainboard
Sembawang Engineers and Constructors: Wins $250m contract from Genting International for Resorts World Sentosa contract

 

CapitaLand: Proposes launch of 2 property funds valued up to US$1.2b in China and India
Travelite: Engages in $14.2m acquisition of YGM Marketing to fuel plans for regional expansion
Dayen Environmental: Inks MOU for the acquisition and operation of an industrial wastewater treatment plant in Liyang City, PRC
Chip Eng Seng Corporation: Proposes acquisition of a 5 percent stake in Vietnamese construction company for $3.8m
Ascendas India Trust:  Sees IPO 20.2 times subscribed
Keppel Land: Unloads two high-end apartment blocks from its Reflections at Keppel Bay to Al-Nibras Islamic Real Estate Fund for $286m
StarHub: Ups High-Speed Downlink Packet Access to 7.2 Mbps
SMRT Corp: To operate Palm Island monorail service for Dubai developer Nakheel

 

CXO Interview

Pacific Healthcare Seals JV Deal With Kuwait Finance House

Pacific Healthcare Holdings Ltd (Pacific Healthcare) confirms its joint venture investment with new partner Kuwait Finance House (Malaysia) Berhad (Kuwait Finance House) to tap into the regional healthcare business.

The joint venture agreement sees Kuwait Finance House taking a 60 percent stake in Pacific Healthcare’s subsidiary Synergy Healthcare Investments Pte Ltd (Synergy) for S$4.36 million. Synergy in turn has exercised an option to acquire a 30 percent stake in one of Singapore’s largest independent providers of diagnostic imaging and radiography services, Radlink Asia Pte Ltd (Radlink). The transaction took place on 8 March 2007 for a consideration of S$7.26 million.

CEO of Pacific Healthcare Dr William Chong felt that the diagnostic service business is one of the fastest growing areas in healthcare. The business has the capability to transcend borders with the new digital imaging technologies used. This allows CT scan and MRI films to be transmitted through the internet and outsourced for reading and diagnosis in countries such as India which has lower labour costs.

Dr Chong said that Singapore sits in a unique position in the region as a hub for medical tourism because of its reputation for quality healthcare services. Private hospitals here receive patients from countries as close as Indonesia and as far as Europe. The company intends to capitalize on this to transform itself into a regional player by establishing new medical centres in Asia.

The joint venture is also a win-win situation for Kuwait Finance House which is looking to diversify its investments in the region. Mr. K. Salman Younis, managing director for the company said that the joint venture agreement with Pacific Healthcare is in accordance with the laws of Islamic Finance (which strongly advocate corporate social responsibility) since it is creating value to society by providing quality healthcare to people.


HOT Off The Press

Energy-Saving Specialist Sunpower Group Clinches Letter Of Award To Supply Special Material Pressure Vessels Worth RMB37 Million


Sunpower Group Ltd has inked a RMB37 million Letter of Award with Shanghai BASF Polyurethane Co. Ltd. for the manufacture of special material pressure vessels. Shanghai BASF Polyurethane Co. Ltd, is a Joint-Venture between German chemical multinational company and China petroleum and chemical giant SINOPEC.

Under the Letter of Award, Jiangsu Sunpower Technology Co., Ltd, a wholly-owned subsidiary of the Group, will manufacture and deliver the pressure vessels in first half 2008 (FY08). It will thus impact FY08 results. This agreement will, however, not affect the earnings of the Group for the financial year ending 31 December 2007.

These high value, specialised pressure vessels, made of non-ferrous HastelloyÒ Alloy, are corrosion and high temperature resistant, for use with fluids that have high sulphuric content, such as those in BASF’s operations. This Letter of Award reinforces Sunpower’s expertise in pressure vessels.

PRC-based Sunpower Group Ltd (中圣集团, “Sunpower” or “the Group”) specialises in the design, R&D and manufacture of customised energy-saving and environmental protection products using heat transfer technologies. The Group's products range from heat pipes and heat exchangers to pipe supports, waste gas and energy recovery systems, and pressure vessels. They are used in various industries such as petrochemical, steel and transportation, and particularly in energy projects that benefit from the products’ energy-saving features.

United Envirotech Awarded Upgrading Contract For Wastewater Treatment Plant At Shandong Xintai


United Envirotech Ltd subsidiary United Envirotech Water Treatment (Xintai) Co Ltd secures a Build-Operate-Transfer (BOT) contract to upgrade the existing wastewater treatment plant for about RMB 13 million.

United Envirotech (UEL) has acquired a wastewater treatment plant in Xintai City, Shandong Province under a Transfer-Operate-Transfer with the local government. The local government has made a request to UEL to upgrade the existing facilities as Xintai falls in the path of the massive “South to North” Water Diversion project. This is in line with the intense effort of the PRC government to protect the water resources in the affected cities by raising and enforcing stricter wastewater discharge limits.

UEL was awarded the upgrading project using its proprietary technology. This is after demonstrating to the local government that the technology is able to meet the new standards and is especially effective in reducing nutrients such as nitrogen and phosphate in the treated wastewater. The presence of such nutrients can cause problems like red tide, blue algae blooms in receiving bodies like rivers and lakes.

Mainboard-listed United Envirotech Ltd. specializes in water treatment and reclamation using advanced membrane technologies, provides environmental engineering solutions to a wide range of customers in the chemical, petrochemical, pharmaceutical and wastewater treatment facilities.

Armstrong To Invest More Than S$2 million To Double Automotive Production Capacity In Changchun


Armstrong Industrial Corporation Limited announced that the Company, together with its joint venture partner, Odenwald-Chemie Gmbh, has proportionately increased their investment in, Armstrong-Odenwald (Asia) Pte Ltd (“AOA”) by way of a cash injection totaling S$2,295,000. With this increase, the issued and paid-up capital of AOA has increased to S$4,895,000. The Company’s effective shareholding interest in AOA remains unchanged at 80%.

The new funds will be utilised to finance the acquisition of 20,000 square metres of land and the building of a 12,715 square metres new plant which will increase Changchun production space by 131% from 5,500 square metres.

The new plant is expected to be completed by the end of 2007, will be targeting at increasing their capacity in the thermal forming and vacuum forming processes under the German’s technical license and its in house developed Cold-Cure moulding technology. This will expand both Armstrong Group’s capacity and widen its products offer to the automotive industry.

Established in 1974, Armstrong Industrial Corporation first started out as a contract supplier of rubber foam parts for the marine industrial sectors. Since then, the company has grown to become a leading precision engineering specialist in various industries and regions.

Sino Environment Incorporates New Subsidiary


Sino-Environment Technology Group Limited wishes to announce that the Company has incorporated a wholly-owned subsidiary in Singapore. The new subsidiary Sino-Environment Waste Management Technology Pte. Ltd. has an issued and paid-up capital of S$1,000,000.

Its principal activities are the provision of environmental protection, waste management and consultancy services. The Executive Chairman and Chief Executive Officer of the Company, Mr. Sun Jiangrong, as well as the Executive Director and Chief Financial Officer of the Company, Mr. Tan Tar Wuei, have been appointed as directors of the new subsidiary.

The additional investment was funded by internal resources and is not expected to have any material impact on the earnings per share and net tangible assets of the Company for the financial year ending 31 December 2007.

Sino Environment Technology Group limited ("SinoEnv") is an environmental protection and waste recovery solution provider in the PRC. SinoEnv is the market leader in the treatment, management and recovery of volatile organic compounds ("VOC"), in particular toluene, from wastegas The company’s decision to focus on toluene is due to its high commercial value and wide usage by many industries, thereby resulting in good market potential for the treatment, management and recovery of toluene in various industries. In this respect, the company helps customers to achieve the twin objectives of treating polluting wastegas as well as recovering valuable toluene for use in their manufacturing processes.

China Energy Establishes Singapore Subsidiary


China Energy Limited wishes to announce that the Company has established a wholly-owned subsidiary known as Jiutai International Trading Pte. Ltd.

The objective of the subsidiary is carrying on the business of general merchandising of DME to develop an international market and to centralise the Group's procurement activities for Methanol.

The issued and paid-up share capital of the Subsidiary is S$2.00 comprising two ordinary shares.

China Energy is believed to be China's largest producer of Dimethyl Ether ("DME") based on our production capacity as of October 27, 2006. DME is an environmentally-friendly fuel with lower smoke emission rates compared to Liquefied Petroleum Gas ("LPG") and diesel. Using a patented stet DME production technology, our production capacity of DME has increased to 150,000 metric tonnes per annum (“mtpa”) at present, from 50,000 mtpa when production started in January 2004. We are capitalising on the growing demand for environmentally-friendly alternative fuel in the PRC, as China seeks to avoid over-dependency on oil imports.

 


Boustead Subsidiary Awarded S$74M High-Tech Development


Boustead Singapore Limited announced that its 91.7%-owned subsidiary, Boustead Projects Pte Ltd has been awarded a S$74 million contract to design and build a high-tech development to be located at the Ubi District in Singapore.

With a gross floor area of over 41,200 square metres, the Development will comprise 2 connecting glass buildings rising up to 7 storeys. Designed to meet the high specification requirements of potential tenants, the Development will feature enhanced power supply, a fibre optic network, wireless connectivity, an integrated building management system and provisions for dual feed power supply and backup power generators. The high specifications are catered to the back-office functions of transnational companies, as well as firms in the precision engineering and information technology sectors. Completion of the Development is slated for December 2008.

Strategically located next to the Pan-Island Expressway and in close proximity to the future Macpherson MRT Station and Kallang-Paya Lebar Expressway, the Development will enjoy multiple links to Singapore’s efficient transportation network. In addition, Boustead Projects has received written approval from the Land Transport Authority to construct a slip road that links the Development directly to the Pan-Island Expressway. This is the fifth contract secured by Boustead Projects in the last months. Since the beginning of 2007, Boustead Projects has been awarded contracts by several reputable multinational clients including Agility, Berg Propulsion and Qioptiq.

Established in 1828, Boustead Singapore Limited is a progressive global Engineering Services and Geo-Spatial Technology Group listed on the Singapore Exchange. Offering an extensive range of specialised engineering services and geo-spatial solutions, we deliver professional answers customised to meet our clients’ specific requirements in a vast array of industries.

Armstrong Increases Investment In Subsidiary


Armstrong Industrial Corporation Ltd wishes to announce that the Company together with its joint venture partner, Odenwald-Chemie Gmbh has increased their investment in, Armstrong-Odenwald (Asia) Pte Ltd (AOA) by way of a cash injection of totaling S$2,295,000. With this increase, the issued and paid-up capital of AOA has increased to S$4,895,000. The Company's effective shareholding interest in AOA remains unchanged at 80%.

AOA will utilise this funds by investing this into its wholly-owned subsidiary, Armstrong Odenwald Changchun (AOC) Technology Co., Ltd to expand production capacity to meet the growing demand in the automotive industry.

The above investment was funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Armstrong Group for the current financial year ending 31 December 2007.

Established in 1974, Armstrong Industrial Corporation first started out as a contract supplier of rubber foam parts for the marine industrial sectors. Since then, the company has grown to become a leading precision engineering specialist in various industries and regions.

Tat Hong Incorporates Batam Subsidiary


Tat Hong Holdings Ltd announced that it’s wholly owned subsidiary, Tat Hong Plant Leasing Pte Ltd (THPL) has incorporated PT. Tat Hong Batam (TH Batam).

TH Batam shall be 100% owned by THPL and the initial paid-up capital of TH Batam is US$200,000.00. Contribution towards the paid-up capital of TH Batam shall be funded internally.

The principal activity of TH Batam is rental of heavy equipment, lifting services, repair and maintenance services.

We are a Singapore-based company specialising in the rental and sales of heavy equipment such as crawler and mobile cranes, foundation equipment, piling rigs, excavators, wheel loaders, skid loaders, graders, dump trucks, motor scrapers and compaction equipment.

Official Website Of MacCoffee Car Rally In Ukraine Has Been Launched


Food Empire Holdings announced the launch of its official website for MacCoffee Car Rally in Ukraine. The eagerly awaited new website www.maccoffee-rally.com.ua was launched in conjunction with the opening of the car rally season in Ukraine. The MacCoffee-rally website connects people, autosport lovers and loyal MacCoffee rally fans across diverse geographic regions. It meets the needs of a growing rally audience and also attracting greater interest in the sport.

Available in dual languages, English and Russian, the website provides its users with up-to-date MacCoffee rally news, routes, rally calendar, rally videos, historic MacCoffee rallies, photo gallery, profiles of its champion pilots and rally results.

The website delivers exciting developments on the rallies, capturing the most impressive action and footages. This is an exciting time of the year for the Rally Championships in Ukraine and also for MacCoffee Rally Team. The launch of www.maccoffee-rally.com.ua is just the beginning of what promises to be more interesting, informative and entertaining footages of the Championships in the pipeline.

SGX Mainboard-listed Food Empire Holdings is a leading food and beverage company that manufactures and markets instant beverage products, frozen convenience food, confectionery and snack food. Food Empire Holdings’ products are exported to over 50 countries in markets such as Russia, Eastern Europe, Central Asia, China, Indochina and the US. The Group has offices established worldwide including Russia, Ukraine, Kazakhstan, Uzbekistan, Iran, Poland, Turkey, Belgium, Bahrain, Mongolia and Vietnam.

 

CEO's Walk The Talk

“..The feeder and regional container shipping business, likewise, experienced a strong demand of space coupled with a scarcity in supply of vessels, particularly in the second half of the year. Although the charter hire rates continued to soar, thus increasing the cost, the tight demand-supply situation enabled the companies to achieve freight rate restorations across all the service corridors.”

Randy Effendi, Chief Executive Officer
Samudera Shipping Line Ltd



Highlighted Company


WBL Corporation Ltd ("Wearnes") is a dynamic international group with key activities in Technology Manufacturing, Automotive Distribution and Technology Solutions. Management continues to focus on building the Group's operational and technical expertise to keep Wearnes in the forefront with the leaders in these areas and to build and sustain shareholder value.

It is this philosophy that has helped to transform the Group into one of the leading names in Singapore's fast-growing technology sector. Today, Wearnes is ranked among the top 75 companies by market capitalisation on the SGX-ST and has revenues of some S$2 billion with operations in over 10 countries.






































Historical Price Data
 Date Open High Low Close
Volume  
03 Aug 2007 4.900 4.900 4.840 4.900
85,000
02 Aug 2007 4.940 4.940 4.860 4.880
9,000
01 Aug 2007 4.900 4.940 4.900 4.940
274,000
31 Jul 2007
4.920
4.920
4.900
4.940
31,000
30 Jul 2007 4.900 4.900 4.900 4.900
6,000

Fundamentals
Historial EPS ($) a
  0.28017
Rolling EPS ($) e
  0.13155
NAV ($) b
  3.3416
Historical PE
  17.489
Rolling PE f
  37.248
Price / NAV b
  1.466
Dividend ($) d
  0.200000
52 Weeks High
  5.200
Par Value ($)
  n.a.
Dividend Yield (%) d
  4.082
52 Weeks Low
  4.280
Market Cap (M)
  1029.372
Issued & Paid-up Units c
  210,076,000
 
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 12/05/2007. 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
03 Aug 2007 Wearnes' Subsidiary, Multi-Fineline Electronix, Inc. Reports Its Third Quarter Financial Results For Fiscal 2007 With Sales To Largest Customer Declining While Sales To Emerging Customers Grew Strongly
01 Aug 2007 Announcement Of Appointment Of Non-Executive And Non-Independent Director
01 Aug 2007 Wearnes Appoints 2 New Directors
01 Aug 2007 Announcement Of Appointment Of Non-Executive And Independent Director
17Jul 2007 Results Guidance For The Third Quarter Ended 30 June 2007



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