Dear valued subscribers,

We would like to point out that changes have been made to the CXO Interview section as requested. We are sorry for any inconvenience caused.

SI Admin Team

 
13 August 2007      
 
WEEK'S TOP VOLUME
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Volume `000 
FHTK
321,666
StarCrusUS$
200,863
Yongnam
169,501
DBS MBL eCW080109
142,948
ChinaHongc
133,146
Weekly movement as at 10 August 2007
WEEK'S TOP GAINER
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Price  
Chg 
HSCE13200SGAePW71030
1.530
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STI 3400SGAePW071030
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HSI23400MBLePW070927
1.280
+0.330
HSI21400SGAePW070927
0.535
+0.305
HSI23000SGAePW071030
1.210
+0.300
Weekly movement as at 10 August 2007

 
HEADLINES FOR THE WEEK
Sunmart: Looks to IPO at 25 cents per share and hopes to raise $21m in proceeds.
SPC: Increases stake in Australia-based Cue Energy to 6.75 percent from 5.38 percent with the purchase of 8,570,295 shares
Keppel Land: To acquire 24 ha Shenyang site for RMB 309m
Swiber Holdings: Makes $10.3m  purchase of North Shipyard (Pte) Ltd
Arcapita Bank: Cancels proposal to list US$300m investment trust in Singapore in light of poor analyst valuations
Parkway Life Reit: Looks to increase the size of its asset portfolio by at least 2 times with launch of IPO this week
Hotel Properties Limited: Subsidiary to acquire 40 percent stake in Unity Asian Development Ltd at HK$164.89m

 

SPC: Wins its first China oil and gas exploration project in the Pearl River Mouth Basin
Keppel Corp: Clinches 2 projects valued at $150m
United Industrial Corporation: Creates executive committee to expedite decision making with matters relating to the company
Beng Kuang Marine: Considers share split of 1-to-3 ratio for current ordinary shares
SPC: Expands into Indonesia via the sale of petrol, diesel and fuel oil to retail customers
Ezra Holdings: Wins a regional pipe-lay and construction project
Vita Holdings: Acquires 65 percent of US$41.5m 5-star Hotel development in Hanoi, Vietnam
Asia Water Technology: To issue structured and convertible bonds worth up to US$60m to help rake in larger projects in PRC

 

CXO Interview

Interview with LifeBrandz CEO Mr. Clement Lee



1. What were the significant developments or key milestones for the Company in the past half year since your appointment as CEO effective as of April 2007?

We have successfully delivered on quite a lot of projects locally that we have been planning over the last one and a half to two years. In the span of the last year, we successfully built and completed close to 100,000 square feet of space housing our brands and concepts. Essentially, we are looking to fortify our businesses in the local market as well as to carry out regional expansion.

2. Could you briefly describe the outlook of the entertainment industry in Singapore for the next 12 to 18 months?

I think it is going to be a very exciting time for Singapore. We see quite a lot of factors working in our favour. We have not seen an era where the property market has been this good. Fundamentally, we expect the economy to continue going strong and with the IRs (integrated resorts) and the F1 coming, it will change the entire landscape, not only where the entertainment industry is concerned but also for tourism - which we will see Singapore positioned as a global city. We feel that there is tremendous growth potential especially with support industries like entertainment, F&B, leisure, hotels and lifestyle when the IRs and the F1 come up.

3. How is the Company preparing itself to deal with the industry opportunities or challenges as described in Question 2?

I think we are pretty well-positioned especially in the Asian context having acquired a wide portfolio of international brands quite some time ago. As we are currently in a high growth phase, I think the biggest concerns I would have are getting good and well-trained staff, and being able to execute concepts fast enough. These are areas we have been focusing on in the past half year and I think we are now ready to embrace the exciting opportunities in the coming year.

4. How has the competitive landscape changed over the past half year for LifeBrandz from a regional perspective (w.r.t. developments in Macau)? What is the Company doing to keep ahead of the competition?

Competition for us is pretty much an “internal issue” because we are a dominant player in the Singapore market. We have to look inwards and upgrade ourselves to improve efficiences. I am very confident that our concepts will work and will be well received by the markets but it’s a matter to be able to operate more efficiently to hit economies of scale as soon as possible. In our business, the set up stage is the most painful. In the growth phase that we’re undergoing, every time we make some money or we start a new project, capital investment goes in and we need to carry pre-operations staff expenses and overheads for a short period of time before profits kick in so it becomes a little bit of a ride at this point of time. Once we finalise these concepts and the outlets launch, revenue will start to flow in, and economies of scale will naturally form.

5. Could you share some of LifeBrandz’ proposed key developments for the next 12 to 18 months (local and regional)?

Our focus is certainly on extending the market. There are lots of opportunities that come to us from China and Macau for instance. One of our core strengths is in lending value to property owners and developers. For Clarke Quay, we obtained favourable rentals and focused on enhancing the brands to give them a high-end feel so that the value of the property increased over time. From the day we took over, I think rent has more than tripled. In a lot of these business models, we have the opportunity to sublet or manage the property. In terms of space, we operate one third of Clarke Quay today which is The Cannery. We are trying to replicate this model region-wide and also in Singapore. I think there is pressure on landlords to tap external resources to create new concepts that have never been seen before. We are in that position to be able to bring new concepts that take up huge amounts of space in prime developments, hopefully at lower costs than the market would allow, and develop a business structure from there.


Financial Product of the Week

Rabobank Introduces “Eight Treasures” Basket Warrant To The Singapore Exchange

Rabobank International (‘Rabobank’) listed its new “Eight Treasures” basket warrant on the Singapore Exchange on 8 August this year.

Essentially an European-style cash settled call warrant based on a basket of 8 Singapore-listed China companies as the underlying shares, each company was selected based on criteria such as having a market capitalisation of roughly more than S$1 billion, turnover/liquidity roughly more than S$1 million and a share price roughly more than S$1.00. This is to ensure that each company will have relatively equal weight when it comes to the price movements of each of the underlying shares.

Furthermore, each of the listed companies picked also has at least 3 ‘Buy’ and at most 2 ‘Neutral’ or ‘Sell’ calls from analysts of major financial institutions and broking houses such as Deutsche Bank, Credit Suisse, JP Morgan, Merrill-Lynch, UOB Kay Hian, DBS Vickers et cetera. 

The 8 selected companies also come from a broad range of China’s fast growing sectors which are energy (China Energy Limited), shipping (Cosco Corporation Singapore Limited and Yangzijiang Shipbuilding Holdings Ltd.), manufacturing (Midas Holdings Limited), food and beverage (People’s Food Holdings Limited and Synear Food Holdings), environmental (Sino-Environment Technology Group Ltd) and property (Yanlord Land Group Limited).

Martin Wong, Assistant Director for Equity Derivatives at Rabobank International, Global Financial Markets said that the bank also released Zero Strike Participation Certificates on the basket of 8 stocks in order for retail investors to have nearly real time tracking of the basket price level simultaneously with the basket warrant, making it transparent for investors to follow. This also allows the issuance of future warrants of the same basket level at different exercise prices.

Mr. Wong said that the bank chose to bring this innovative product to the Singapore Exchange because it allows many ideas for new financial products like the RaboJet Certs which were launched in June 2007. Martin Wong believes that his team has an edge over their bigger competitors in terms of market making because of their experience in handling both the private banking sector as well as structured warrant products. Having the same team handling both segments, as opposed to separate teams, allows them to quickly respond to price movements of the underlying basket of shares and volatility movements thus smoothing out sudden price movement against investors at times. 

The “Eight Treasures” basket value is computed by adding up the stock prices of the 8 selected stocks.

The “Eight Treasures” basket warrant was launched on the Singapore Exchange along with the Zero Strike Participation Certificates of the same basket on 8 August 2007.

The Code for the “Eight Treasures” basket warrant is: Bkt 8CHINA RB eCW 080228 The Code for the “Eight Treasures” Zero Strike Participation Certificates is Bkt 8CHINA RB ZPC 090102


HOT Off The Press

Courage Marine Subsidiary To Acquire Shares In Sunrise Airlines


Courage Marine Group Limited is pleased to announce that its wholly-owned subsidiary Courage-New Amego Shipping Corporation has entered into a conditional sale and purchase agreement with (i) Mr Jason Chang; (ii) Sunrise Airlines Co. Ltd.; and (iii) certain existing shareholders of Sunrise to, inter alia, acquire 11,200,420 ordinary shares of NT$10.00 each, representing 25% of the issued share capital of Sunrise from Mio Corp. for a purchase price of NT$111,444,179.00 upon the terms and conditions of the Agreement, and to regulate the relationship between Courage-New Amego and the Existing Shareholders as shareholders of Sunrise.

Sunrise was incorporated in Taiwan in 1991, and is in the business of providing aerial heavy-lifting services, emergency medical services, chartered flight services, and mineral exploration in South East Asia. Sunrise also has a license to operate business executive aircraft in Taiwan. The Proposed Acquisition is a long term investment strategy for the Group as the Group believes that there may be synergy between the businesses of the Group and Sunrise. The Purchase Price will be fully satisfied in cash and was arrived at on a willing-buyer willing-seller basis, taking into account the net tangible assets of Sunrise. For the year ended 31 December 2006, Sunrise’s audited net tangible asset value was approximately US$9.3 million.

Pursuant to the Agreement, Courage-New Amego shall be entitled to appoint one director to the board of Sunrise. Under the Agreement, Mr Jason Chang, the majority shareholder of Mio Corp. and current chairman of the board of Sunrise has granted to Courage-New Amego a put option whereby Courage-New Amego shall be entitled to sell the Purchased Shares to Jason Chang at the Purchase Price, such put option to be exercisable for a period of 2 years from the date of the Agreement. After completion of the Proposed Acquisition, Sunrise will become an associated company of the Company and the Company will be accounting for its 25% share of the profits or losses of Sunrise with effect from the date of acquisition of Sunrise.

Courage Marine Group Limited is a Bermuda registered shipping company engaged in the ownership and operation of bulk carriers, with an optimized combination of Handysize and Panamax vessels (the “Fleet”). Through our Operation Offices in Hong Kong and Taipei, our Fleet provides marine transportation services and logistical support to our customers, carrying bulk commodities such as cement wood chips, coal, iron ore and minerals. The Company owns 10 dry bulk carriers, including 7 Handysize carriers between 25,000 and 40,000 deadweight tonn es (dwt), and 3 Panamax vessels of about 65,000 dwt. The total tonnage of these vessels is approximately 455,463 dwt. Handysize vessels have the advantage of being flexible whereas Panamax vessels provide efficiency with their larger capacity. The combination of Handysize and Panamax vessels means that we are able to cope with customers' needs in a flexible and efficient manner, thereby ensuring higher utilization of the vessels in our Fleet and optimizing return of investment on the vessels. The Fleet operates mainly in Asian waters, including China, Taiwan, and elsewhere in Asia. The Company in turn controls the time per voyage per vessel. 

WUSys Picks Global Voice To Deliver Solutions To The Financial Services Sector


Global Voice Group, (SGX: H23.SI), owner and operator of one of Europe’s highest capacity fiber networks and provider of mission critical communications infrastructure and services, today announced it has concluded an agreement with WU Systemprogrammierungs GmbH (WUSys), one of Germany’s leading IT Service Providers.

Under the terms of the agreement, Global Voice deployed an integrated highly secure co-location and high performance communication solution comprising dedicated private fiber networks and Tier 1 IP transit in Frankfurt am Main. WUSys, one of Germany’s foremost IT services providers, specialises in deploying high performance IT solutions to the financial sector. WUSys required a highly available, reliable and scalable platform on which to develop and share applications.

Global Voice designed and provisioned a bespoke, integrated private fiber and co-location solution redundantly linking Global Voice’s datacenter in Frankfurt with WUSys’ datacenter enabling them with the highest levels of security and availability. The dual co-location solution is deployed via a highly secure and dedicated private fiber network with Tier 1 IP transit for the fastest and most reliable Internet access.

Global Voice Group owns and operates one of Europe’s highest capacity fiber networks and provides mission critical communication infrastructure and services to large corporations, carriers, and service providers. Constructed at a cost in excess of €1.3 billion, Global Voice’s all-fiber optic network uniquely combines ‘long-haul’ intercity network linking Europe’s largest economies, with high density ‘last-mile’ metropolitan fiber networks in 15 of Europe’s leading cities. Global Voice was recently awarded the prestigious title of “Best New Entrant” by leading telecommunications publication, Capacity Magazine. The award was granted to Global Voice following their acquisition of a pan-European fiber network thus extending their unique proposition of delivering private fiber networks – an offering the judges felt is of immense value to large Corporations and carriers alike. Global Voice Group, traded as euNetworks in Europe, is headquartered in Frankfurt, publicly listed on the Singapore stock exchange (SGX: H23.SI). Global Voice is a member of euro-one – a unique collaboration of fiber optic network providers connecting Eastern, Western, Central Europe and North America 

Epure Signs MOU With BJ Sound Enviro For Build-Operate-Transfer Projects In Xi’An City


Epure International Ltd. announced that the Company has signed a memorandum of understanding with Beijing Sound Environment Group Co., Ltd to undertake 2 Build Operate and Transfer (BOT) projects in Xi’an city. A joint venture company is to be incorporated for each BOT project.

BJ Sound Enviro is a PRC company and is the holding company of various PRC subsidiaries (BJ Sound Enviro Group) engaged in the principal business of investment and operation of environmental protection projects. It is owned by Beijing Sanghua (62.5%), Epure’s non-executive chairman, Wen Yibo (36.25%) and an unrelated third party (1.25%). Beijing Sanghua is a PRC investment holding company. It is owned by Wen Yibo (22.2%) and his wife, Zhang Huiming (77.8%). Accordingly, Wen Yibo is an interested person for the above joint ventures.

There are 2 BOT projects, 1 in Chang’an and 1 in Huxian. The total investment for the Chang’an BOT project is approximately RMB134 million and is divided into 2 phases. The first phase is for the construction of a wastewater treatment system with a capacity to treat 50,000 tonnes of wastewater per day and the second phase another 50,000 tonnes in capacity. The total investment for the Huxian BOT project is approximately RMB98 million. The project is for the construction of a wastewater treatment system with a capacity to treat 30,000 tonnes of wastewater and 20,000 tonnes of recycled water per day. BOT projects are funded by both bank loans and equity. The equity portion usually ranges from 30% to 40% of the investment amount. For each joint venture company, Epure is expected to take a minority stake of not more than 20%. Hence, the maximum equity contribution from Epure into the joint ventures is approximately RMB19 million. The principal activities of the joint venture companies will include investment, construction and operations management in municipal wastewater project as well as the recycling and sales of treated water.

Epure International Ltd. is widely recognised as one of China’s leading turnkey water and wastewater treatment solutions providers. Backed by extensive R&D, technical expertise, and a proven track record of over 12 years, it has successfully completed many award-winning large-scale and complex projects in the PRC. The Group develops proprietary water and wastewater treatment technologies and customizes them into effective turnkey solutions for industrial and municipal projects. Epure has a strong marketing network in the PRC, making the Group much sought after for its strong design and engineering project management capabilities.

EZRA Clinches Milestone Pipelay And Construction Contract For US$888 Million Sub-Sea Installation Project


Ezra Holdings Limited announced official christening ceremony of the Group’s first heavy-lift, accommodation & pipe-lay vessel, the Lewek Champion, in Batam, Indonesia, that subsidiary, EOC Limited’s (EOC), wholly owned subsidiary, Emas Offshore Construction and Production Pte Ltd (EOCP) had secured a milestone pipelay and construction contract to provide services as part for a US$888 million sub-sea installation project in Southeast Asia for a national oil company. The Lewek Champion will play a key role in the installation of sub-sea pipelines as well as the transportation and installation of drilling, production and wellhead platforms in the offshore field.

The charter of Lewek Champion, which is part of the Production & Construction arm under Ezra’s 88%-owned EOC Limited, is expected to contribute positively to the Group’s earnings for subsequent financial years. The Class DP2 Dynamically Positioning vessel, which can be upgraded to a DP3, is equipped with an 800-tonne heavy-lift crane and is purpose-built for sub-sea pipeline construction support work. Lewek Champion can accommodate over 500 men.

The Group expects to take delivery of its second pipelay, accommodation, well service and maintenance vessel in first half of FY 2009. This ultra-large vessel will also be equipped with a Class DP2 system, upgradeable to DP3.

Banyan Tree Unit Starts New US Subsidiary


Banyan Tree Holdings Limited wishes to announce that its wholly-owned subsidiary, Banyan Tree Hotels & Resorts Pte. Ltd. has incorporated a wholly-owned subsidiary known as Banyan Tree Hotels & Resorts USA, Inc (BTHRUSA).

BTHRUSA, which is incorporated in the United States of America (USA), has an authorised and paid-up capital of US$75.00.

The principal activity of BTHRUSA is to provide sales and marketing services in USA for Banyan Tree group of hotels & resorts.

Banyan Tree Holdings Limited is a leading manager and developer of premium resorts, hotels and spas in the Asia Pacific, with 18 resorts and hotels, 49 spas, 53 galleries and 2 golf courses. We manage and/or have ownership interests in niche resorts and hotels. Each resort typically has between 50 and 100 rooms and commands room rates at the high end of each property's particular market. We have 6 operating business segments: hotel investment, hotel management, spa operations, gallery operations, property sales, design fees and others (design and project management, golf course operations and other businesses).

 


Courage Marine Wins 10th Place In Marine Money International Rankings


Courage Marine Group Limited is announced that it has been awarded tenth place in overall performance rankings by Marine Money International in their 2006 Rankings. Marine Money International is a ship finance publication that tracks the financial performance of the world’s most significant shipping companies, and the 2006 Rankings was based on an overall list of 86 shipping companies around the world.

In addition to the tenth place overall performance ranking, the Courage Marine Group was also awarded third place in the financial strength rankings segment, and a first place ranking under the return on assets segment.

The Company is pleased to take note of the recognition that has been accorded to the Courage Marine Group and will continue to endeavour to manage the Group’s business and operations on sound and prudent financial practices.

Courage Marine Group Limited is a Bermuda registered shipping company engaged in the ownership and operation of bulk carriers, with an optimized combination of Handysize and Panamax vessels (the “Fleet”). Through our Operation Offices in Hong Kong and Taipei, our Fleet provides marine transportation services and logistical support to our customers, carrying bulk commodities such as cement wood chips, coal, iron ore and minerals. The Company owns 10 dry bulk carriers, including 7 Handysize carriers between 25,000 and 40,000 deadweight tonn es (dwt), and 3 Panamax vessels of about 65,000 dwt. The total tonnage of these vessels is approximately 455,463 dwt. Handysize vessels have the advantage of being flexible whereas Panamax vessels provide efficiency with their larger capacity. The combination of Handysize and Panamax vessels means that we are able to cope with customers' needs in a flexible and efficient manner, thereby ensuring higher utilization of the vessels in our Fleet and optimizing return of investment on the vessels. The Fleet operates mainly in Asian waters, including China, Taiwan, and elsewhere in Asia. The Company in turn controls the time per voyage per vessel.

Midas Secures New European Order From Alstom


Midas Holdings Limited announced that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd has secured an order from Alstom Ferroviara S.p.a. Italy to supply aluminium alloy profiles for train car bodies for its Helsinki - St. Petersburg high speed train project.

The order, valued at RMB 4.58 million is expected to be fulfilled in the fourth quarter of 2007.

Founded in 2000, Midas is today a leading manufacturer of aluminium alloy extrusion products and PE pipes, primarily for the transportation and infrastructure sectors in the PRC. The Group operates three business divisions; namely, Aluminium Alloy, PE Pipe and Agency and Procurement. Midas is the only PRC certified supplier to the world’s largest train manufacturers, ALSTOM SA, Siemens and Changchun Bombardier. Midas’ customers include ALSTOM Transport SA, Siemens International Trading Ltd, Bombardier Transportation, Changchun Railway Vehicles Co., Ltd, etc. The Group is also involved in high profile projects such as the Beijing – Tianjin High Speed Train Project, Regional Line Phase 1 Project, Shanghai MRT Line 1 Extension Project, Shanghai MRT Line 1 Extension 2 Project, Shanghai Line 2 Extension 1 Project, Shanghai Yangpu MRT Line Phase 1, Shanghai Metro Line 9 Project, Shanghai Pearl Line Project, Shenzhen MRT Line 1 Extension Project, Guangzhou MRT Line 3, Tianjin MRT, Nanjing MRT, the Circle Line project in Singapore, Metro Oslo MRT in Norway, Valero Rus Project in Russia, Desiro Mainline Project in Germany, Helsinki-St. Petersburg Project, Beijing Airport Terminal 3 and the Shenzhen Exhibition Centre.

Midas also has a 32.5% equity stake in a Sino-foreign joint venture, Nanjing SR Puzhen Transport Co., Ltd, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts. 

ASL Marine Invests In PT Bina Kontinental Lestari And PT Awak Samudera Transportasi


ASL Marine Holdings Ltd. announced that its wholly-owned subsidiary, Capitol Marine Pte Ltd, has acquired 100% interest in PT Bina Kontinental Lestari (PT BKL), a company incorporated in the Republic of Indonesia.

PT BKL has a paid-up capital of IDR 990,000,000. The principal activities of PT BKL are provisions of ship agency, handling and consultancy services. PT BKL holds 100% interest in PT Awak Samudera Transportasi (PT AST), a company incorporated in the Republic of Indonesia. PT AST has a paid-up capital of IDR 1,000,000,000 and it is engaged in shipping activities.

Capitol Marine’s investment in PT BKL was funded through internal resources. The investment in PT BKL is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 30 June 2008.

ASL Marine is a vertically-integrated marine company principally involved in Shipbuilding, Shiprepair, Shipchartering and other marine related services, catering to customers mainly from Asia Pacific, South Asia, the Middle East and Europe.

Headquartered and listed in Singapore, the Group owns and operates three shipyards in Singapore, Indonesia (Batam) and China (Guangdong), providing a comprehensive range of marine engineering services spanning myriad sectors/industries. Equipped with a fleet consisting mainly of tugs and barges, ASL Marine has also carved a niche in providing ship chartering services to the marine and offshore infrastructure sector.

HKSE-Listed VST Holdings Limited, Acquires 52.5% Stake In ECS’ Capital FOR S$128 Million In Cash


ECS Holdings Limited announced a collective Conditional Sales and Purchase Agreement (SPA) signed between Hong Kong Stock Exchange-listed VST Holdings Limited (VST) and certain substantial shareholders of ECS (the Vendors).

The SPA entailed a total of 191,604,009 sale shares representing approximately 52.5% stake in the capital of ECS and thus, result in a change of ECS’ controlling shareholders to VST, with ECS becoming its subsidiary upon completion of the SPA. Notwithstanding this change in substantial shareholders, business-wise there will be no change in the leadership of ECS Group after the completion of the SPA. The Group’s proven top management, namely Mr Tay Eng Hoe, who is also Group CEO; Mr Narong Intanate, Mr Foo Sen Chin and Mr Foong Kam Tho, will continue to prevail at the helm, as well as steer their respective country operations in Singapore, Thailand, Malaysia and the PRC.

As such, the continuity and stability of ECS’s modus operandi and partner commitments will be ensured going forward – it will be business as usual, with respect to the Group’s portfolio of global IT brand owners / principals, strategic partners, over 18,000 regional channel partners, as well as its 2,000-strong employee base across the region. Co-founded in 1991 by Chairman and CEO, Mr Li Jialin, VST has become a leading distributor of computer and peripheral products and other information technology products of well-known brands to the People’s Republic of China’s rapidly-growing powerhouse markets. Key products include hard disk drives, CPUs, and PC motherboard products; storage devices and other digital media products, etc. VST has established solid long-term partnerships with internationally renowned IT giants such as Seagate, AMD, Supermicro, Western Digital, Lexar, Corsair, AsRock and Patriot, etc. In order for VST to have a controlling stake in ECS, the Vendors, which include ECS’ single largest shareholder, ST Electronics (Info-Software Systems) Pte Ltd, as well as Mr Tay Eng Hoe, Mr Liu Wei, Mr Narong Intanate, Mr Foo Sen Chin, Mr Foong Kam Tho, Mr Lin Chien and Glorious Success Pte Ltd, had to commit to selling their respective entire ECS shareholdings during negotiations so as to enable VST to achieve its objective.

Listed on the Main-board of the Singapore Exchange since 2001, ECS Holdings Limited (ECS) is a leading ICT products and services provider, serving and supporting a wide, regional customer base. The Group has 33 offices in 6 countries namely China, Thailand, Malaysia, Singapore, Indonesia and the Philippines. The Group’s 3 main businesses are Enterprise Systems, IT Services and Distribution. Its Enterprise Systems Division designs, installs and implements IT infrastructure for companies, while IT Services Division provides a comprehensive range of professional, technical support and training services. Leading IT vendors use ECS’ network of over 18,000 channel partners in the region to distribute their products. The Group has a consistent profit track and a management that is focused on operational excellence to achieve sustainable profit growth and enhance shareholder returns.

 

CEO's Walk The Talk

“..By keeping our fleet well-deployed and wellmaintained, we were able to respond to market demands to the fullest of our abilities, with our fleet's utilization rate staying over 90% during the year despite having an expanded tonnage and higher capacity of 455,463 dwt.”

Hsu Chih-Chien, Chairman
Courage Marine Group




Highlighted Company


Courage Marine Group, founded in June 2001, is one of Asia's younger dry bulk shipping companies. It owns and operates 10 bulk carriers, deployed around Greater China, Japan, Russia, Vietnam, Indonesia, Bangladesh, and elsewhere in Asia.

The vessels, totalling 444,742 deadweight tonnes, transport dry bulk commodities such as coal, cement, clinker, iron ore, minerals, and wood chips.

On board to steer the group are five industry veterans with extensive hands-on experience in dry bulk shipping in Asia, particularly in Greater China. They bring nearly 150 years of combined experience, each excelling in his expertise to complement the others.

Profitable since inception, our substantial presence in the region can capitalise on China and Asia-Pacific's continued economic growth. We are well-poised to take advantage of growing demand for dry bulk marine transportation services, especially coal. Industry growth prospects are positive, likewise Courage's outlook.






































Historical Price Data
 Date Open High Low Close
Volume  
08 Aug 2007 0.365 0.380 0.360 0.380
2,788,00
07 Aug 2007 0.375 0.380 0.350 0.355
4,782,000
06 Aug 2007 0.370 0.370 0.355 0.360
5,746,000
03 Aug 2007
0.390
0.395
0.380
0.390
9,173,000
02 Aug 2007 0.380 0.395 0.360 0.370
6,722,000

Fundamentals
Historial EPS ($) a
  0.04247
Rolling EPS ($) e
  0.05104
NAV ($) b
  0.1181
Historical PE
  8.477
Rolling PE f
  7.053
Price / NAV b
  3.048
Dividend ($) d
  0.022811
52 Weeks High
  0.460
Par Value ($)
  USD 0.018
Dividend Yield (%) d
  6.336
52 Weeks Low
  0.170
Market Cap (M)
  381.178
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 03/08/2007. 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 Courage Marine Group Awarded Tenth Place In Marine Money International 2006 Rankings
03 Aug 2007 Proposed Acquisition Of Shares In Sunrise Airlines Co. Ltd
02 Aug 2007 Second Quarter Financial Statement And Dividend Announcement
02 Aug 2007 Buoyant Demand & Freight Rates Lift 1H07 Net Profit By 52% To US$20.1M
19Jun 2007 Clarifications To Announcement Made On 15 June 2007



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