29 October 2007      
 
WEEK'S TOP VOLUME
 Name
Volume `000 
Digiland
564,939
EI-Nets
313,642
Memstar
296,297
ChinaOilFld
272,109
SKY Petrol
206,927
Weekly movement as at 26 October 2007
WEEK'S TOP GAINER
 Name
Price  
Chg 
HSCE15000SGAeCW80130
3.780
+1.130
GLD 10US$
76.800
+1.000
HSCE14400SGAeCW71129
4.740
+0.960
JMH 400US$
29.300
+0.900
CoscoCorpMBLeCW71106
2.300
+0.900
Weekly movement as at 26 October 2007

 
HEADLINES FOR THE WEEK
Singtel: Intends to bid for half the unlisted shares of Ghana's state-owned Ghana Telecom valued at US$500 million
Hiap Hoe: And SuperBowl acquire The Aspine at Balmoral Road for $138 million
Hyflux: Subsidiary Eflux inks Philippine JV agreement with Tao Corp unit Tao Commodity Trader Inc. to build used-oil recycling plant
YTL Power International: Receives re-rating by analysts in light of English water company purchase
Frasers Centrepoint: Seeks businesses in China and Australia
STATS ChipPac: Opens second manufacturing facility in PRC
Ban Joo & Co: Firms up debt restructuring agreement with 11 financial institutions
Pacific Healthcare Holdings: Looks to expand into India
ST Electronics: Scores network infrastructure and systems  project for Bangladesh bank worth $15 million

 

Frasers Centrepoint Trust: Inks put and call agreement for upcoming Northpoint 2 shopping mall
Pacific Healthcare: Opens inaugural specialist centre in Shanghai via subsidiary Singapore Heart, Stroke and Cancer Centre
Mapletree Investments: Looks to list commercial property trust
Sembcorp Marine: Shares slide 15% in light of alleged unauthorised currency transactions by finance director
United Engineers: Signs agreement with World Bank subsidiary for construction and operation of 21 medical waste treatment plants in China
Hup Soon Global: To take 30% stake in Nichiyu Asia Pte Ltd in $2.11 million acquisition
Gate Electronics: Received mandatory unconditional cash offer for 62.6% stake in the company
SNF Corp: New share placement excercise on hold till after EGM
Ascott: To enter JV for development of serviced residence apartments in Japan with Mitsubishi Estate Co

 

HOT Off The Press

Advance SCT Establishes Singapore Subsidiary


Advance SCT Limited announced that the Company has established a wholly-owned subsidiary company in Singapore. Particulars of the subsidiary company are as follows:

Name: SCT (China) Pte. Ltd.

Initial Issued and Paid-Up Share Capital : S$100,000/-

Principal Activity : Investment Holding

The establishment of the subsidiary is not expected to have any material impact on the earnings per share or net asset per share of the Group for the financial year ending 31 December 2007.

Advance SCT Limited was incorporated in Singapore on 8 April 2004 and listed on SGX-SESDAQ on 24 November 2004. The Group started off by offering printed circuit board (PCB) testing services, distributes PCB related materials and equipment, and rents PCB related equipment. As a provider of customised testing solutions and testing equipment, it seeks to provide a comprehensive range of cost-effective, reliable and cutting edge testing products for the PCB industry.

With recent acquisitions, Advance SCT now had two engines of growth, namely:   • Recycling and Supply Chain Management of Copper Related Materials   • Printed Circuit Board and IC substrate testing services

Asian Micro Signs JV For Natural Gas Vehicle Conversion In Malaysia


Asian Micro Holdings Ltd (“AMH” or the “Company”) is pleased to announce that the Company has signed the Joint Venture Agreement with Suria Professional Service Centre Sdn Bhd (“Suria”) on 22nd October 2007 following the MOU dated 12th September 2007. However, AMH will invest a total investment consideration of RM$200,000/= for 20% stake holdings in Suria while the Group’s subsidiary, SO NGV (S) Pte Ltd will invest RM$100,000/= for a 10% stake holdings in Suria. The total investment consideration of RM$300,000/= will be injected via enlarged share capital and share purchase from its current shareholder. The investment will be funded through the proceeds from the private placement in July 2007.

Suria is in NGV conversion business since 2005 and is a certified NGV installer and has a total of 4 certified NGV conversion workshops in Malaysia (2 in Johor Bahru and 2 in Kuala Lumpur) and the Group is targeted to set up its 5th NGV conversion centre in Penang shortly. Suria will expedite its growth with the investment and the support of NGV vehicle conversion kits from AMH, especially the Dual Diesel Fuel (“DDF”) conversion kits. DDF converted heavy duty diesel trucks, prime movers and buses travelling on long distances and able operate on 50% diesel and 50% natural gas. This fuel saving conversion helps diesel vehicle owners in bringing their fuel cost down substantially. Suria, being the first centre to introduce such DDF conversion, will be well ahead of its competitors in Malaysia for NGV business. Suria will also be the distributor for AMH’s range of CNG related products for Malaysia region.

The joint venture will enable AMH to gain a faster access into the Malaysia market since NGV conversion workshops in Malaysia require certifications which normally take a substantial period of time. The strategic partnership will enable Suria to start embarking on DDF conversion for heavy duty diesel vehicles in early November 2007. Both parties hope to increase Suria’s current sales revenue of RM1million to at least RM4.5 million within the next 12 months.

Asian Micro Holdings Limited (listed in the SGX-SESDAQ in September 1999) provides recycling and precision cleaning of packaging trays and media/disk cassettes used in the hard disk drive and semiconductor industries in Singapore, China and Thailand. Asian Micro recently invested in Natural Gas Vehicle (NGV) conversion business and is now focused towards setting up a chain of network of NGV conversion centres. Though started only in July 2007, the Company has now set up a total of 6 NGV conversion centres in Thailand, Malaysia and Singapore. The Company also imports/exports NGV conversion kits, Compressed Natural Gas (CNG) engines, CNG cylinders, and CNG vehicles to expedite its growth and revenue. Currently specializing and promoting Dual Diesel Fuel (DDF) conversion for heavy duty diesel trucks, buses and prime movers to run on 50% diesel and 50% natural gas, it has become the alternate key business of the Company. Asian Micro intends to grow itself into an energy company entering the oil and gas sector by specializing in alternative and renewable fuels, mainly in Natural Gas. 

Addvalue Ssecures Phased Contract For Design And Supply Of INMARSAT Class 11 LandMobile BGAN Terminals


Addvalue Technologies Ltd is pleased to announce that Addvalue Communications Pte Ltd, a wholly-owned subsidiary of the Company, has secured a phased contract, potentially worth more than US$1.0 million, subject to completion and clearance of each phase, for the design and supply of INMARSAT Class 11 Land Mobile BGAN Terminals for Global SATCOM Technology, Inc. These Land Mobile BGAN Terminals are intended to be utilized by a U.S. government entity.

Global SATCOM Technology, Inc., a company incorporated in the State of Maryland, is a global leader in transportable satellite communications systems for commercial and government applications. It specializes in the design, integration, test, manufacture, supply, servicing, and installation of satellite-based telecommunications systems to meet the specific needs of its commercial and government customers around the world.

Addvalue Technologies, established in Singapore since 1994, is a leading one-stop digital, wireless and broadband communications technology products innovator. It provides comprehensive satellite communication, tracking and telemetry communication solutions and digital wireless design services for customers. With its capabilities in product designs including many proprietary and patented ones, it offers value-added and cost competitive solutions to meet customers' specific application requirements. We offer complete solutions that cover the entire spectrum from initial product conceptualisation, product development, product testing, quality requirements, product regulatory approval, preparation for manufacturing, and final mass production. Addvalue Technologies is listed on the mainboard of the Singapore Stock Exchange with three wholly-owned subsidiaries - Addvalue Communications Pte Ltd, Addvalue Innovation Pte Ltd and Addvalue Technologies ( Guangzhou ) Ltd. Addvalue Technologies Ltd (Addvalue Communications Pte Ltd and Addvalue Innovation Pte Ltd), is ISO9001:2000 certified and maintains high quality on-time services and deliverables, promising total customer satisfaction.

Bio-Treat Secures RMB70 Million Contract For BOT Project In Binzhou City


Bio-Treat Technology Limited announced that it has secured a contract for a Build-Operate-Transfer (BOT) project (the Project) in the Binzhou Economic Development Zone of Binzhou City, Shandong Province, the People’s Republic of China (PRC).

The Project involves the construction of a wastewater treatment plant capable of treating up to 40,000 tonnes of wastewater per day. The total investment cost of the Project is estimated to be approximately RMB 70 million and will be funded through the Group’s internal resources as well as project financing. The Company believes that clinching the Project is an illustration of Bio-Treat’s focus, as part of our business strategy, to cherry-pick BOT and Transfer-Operate-Transfer projects in target cities with high tariffs, good economic conditions, rapid development and a stable government. In addition, the Company expects the Project to be profitable and to have a positive impact on the Company’s recurring revenue.

Under the Contract, Bio-Treat will operate the wastewater treatment plant for 25 years, which excludes the construction period. Thereafter, the plant will be transferred back to the municipal government at nil consideration. Construction of the Project is expected to commence within 2007, and is planned for completion 12 months later.

We are principally engaged in:

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

COSCO Clinches Shipbuilding Contracts Totaling US$1.34b


COSCO Corporation (Singapore) Limited announced that its 51%-owned COSCO Shipyard Group (CSG) had secured shipbuilding contracts valued at US$1.34 billion (approximately S$2.0 billion) to build 29 bulk carriers from several foreign ship-owners.

The 29 bulk carriers will be built at COSCO Dalian Shipyard and COSCO Guangzhou Shipyard, and are slated for delivery between October 2009 and December 2011.

The contracts are not expected to have a significant impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company for the year ending 31st December 2007.

Listed on the main board of the Singapore Exchange, COSCO Corporation is a diversified group with core activities in shipping and shipping related services. The Group owns bulk carriers and majority stake in the largest shipyard group in China, operates shipping agencies as well as provides marine engineering and ship repair services. COSCO Corporation is the listed subsidiary of China Ocean Shipping (Group) Company, the largest shipping group in China.

 

 

 


Asian Micro In S.O. NGV Chiangmai’s First Dual Diesel Fuel Conversions For Heavy Duty Trucks


SO NGV Chiangmai has commenced its first and second Dual Diesel Fuel conversion for heavy duty diesel trucks after successfully converting many petrol cars into Bi-Fuel Natural Gas Vehicles (NGVs).

Many petrol powered SUV and MPV vehicles are coming into Chiangmai center for conversion, as petrol is comparatively more expensive than the natural gas price in Chiangmai. CNG cylinder storage is not a major issue for the owners of SUVs and MPVs, as fuel cost saving is more important to these vehicles owners.

Though there is only one CNG re-filling station in Chiangmai at this moment and more gas stations are available after only Mar 2008, we already have more customers coming into SO NGV Chiangmai for Bi-fuel and DDF conversion, as the owners felt that the saving is justifiable using natural gas due to the ever increasing price of petrol and diesel. Natural gas price has been fixed for three years in Thailand to encourage the change to the use of natural gas.

Asian Micro Holdings Limited (listed in the SGX-SESDAQ in September 1999) provides recycling and precision cleaning of packaging trays and media/disk cassettes used in the hard disk drive and semiconductor industries in Singapore, China and Thailand. Asian Micro recently invested in Natural Gas Vehicle (NGV) conversion business and is now focused towards setting up a chain of network of NGV conversion centres. Though started only in July 2007, the Company has now set up a total of 6 NGV conversion centres in Thailand, Malaysia and Singapore. The Company also imports/exports NGV conversion kits, Compressed Natural Gas (CNG) engines, CNG cylinders, and CNG vehicles to expedite its growth and revenue. Currently specializing and promoting Dual Diesel Fuel (DDF) conversion for heavy duty diesel trucks, buses and prime movers to run on 50% diesel and 50% natural gas, it has become the alternate key business of the Company. Asian Micro intends to grow itself into an energy company entering the oil and gas sector by specializing in alternative and renewable fuels, mainly in Natural Gas.

Global Voice Deploys Priva|Nex For FAST IT GMBH


Global Voice Group, (SGX: H23.SI), owner and operator of one of Europe’s highest capacity fiber networks and provider of mission critical infrastructure and services, today announced that it has concluded an agreement with fast IT GmbH. Under the terms of the agreement, Global Voice will deploy priva|nex, a fully redundant private fiber network in Düsseldorf over which fast IT will enable more than 7,500 customers with a range of services.

fast IT, one of the leading providers of dedicated server- and co-location services in Germany, required a highly available and scalable networking solution connecting multiple client locations to their datacenter in Düsseldorf. At this datacenter facility, fast IT hosts in excess of 6,000 servers, providing their expanding customer base with customized managed hosting services and a set of Internet solutions. Global Voice designed and deployed priva|nex, highly reliable and redundantly connected private fiber networks, enabling fast IT with a secure platform over which to deliver mission critical communications solutions to their customers. The provision of private fiber networks from Global Voice not only enables fast IT with the fastest, lowest latency network available, but also offers enormous scalability for future business growth.

Global Voice Group enables service providers with the ability to lease or buy a full end2end, metro or European fiber network infrastructure on which to rollout their broadband services or upgrade their existing legacy networks, without the delays and costs of construction. The ever-increasing demand for new broadband related products such as video on-demand, video conferencing, triple play, Voice-over-IP, Digital and HDTV are driving the need for telecommunication companies to upgrade to end2end fiber.

Global Voice Group owns and operates one of Europe’s highest capacity fiber networks and provides mission critical communication infrastructure and services to large corporates, 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’ inter-city 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 Corporates 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 to deliver infrastructure and next generation networking solutions connecting Eastern, Western, Central Europe and North America.

Oculus Incorporates Aretae EcoVentures Pte Ltd


Oculus Limited announced that it has on 23 October 2007 incorporated a new joint venture company named Aretae EcoVentures Pte Ltd (Aretae EcoVentures) pursuant to the joint venture agreement entered into between the Company and Aretae Pte Ltd (Aretae).

Aretae EcoVentures is incorporated solely for advising on, managing and running waste-handling and disposal and renewable energy & sustainable development projects and is part of the Company’s strategy to develop Renewable Energy and Environmental Resource businesses. As at the date of this announcement, Aretae EcoVentures has an issued and paid-up share capital of S$2 divided into two ordinary shares, one share each being held by Aretae and the Company.

Pursuant to the joint venture agreement, Oculus will be providing an interest-bearing shareholders’ loan of S$1.0 million to Aretae EcoVentures to enable it to meet its initial funding requirements and expenses.

Oculus Limited is focused on the innovation, manufacture and marketing of color lenses principally under the FreshKon® brand. The group also offers disposable daily and monthly clear lenses primarily under FreshKon® brand, and specialty products such as soft toric lenses and gas permeable lenses made with Boston material. With direct presence in Singapore, China, Hong Kong and Malaysia, its products are sold in more than 45 countries globally.

Seksun Incorporates Subsidiary


Seksun Investments Pte Ltd (?Seksun Investments?), a wholly owned subsidiary of the Company, has incorporated a wholly owned subsidiary Seksun International Pte. Ltd., a private limited company with an initial issued capital of SGD2.00. On 18 October 2007, the Board of Directors announced that the Company has entered into a conditional shares sale and purchase agreement (the Shares Sale Agreement) with Supernova (Cayman) Limited, a third party buyer being a private company incorporated under the laws of the Cayman Islands (the ?Purchaser?), for the sale by the Company, and the purchase by the Purchaser of, substantially the whole of the Company’s assets and business undertakings (the Transaction)

It was also stated that for the purposes of facilitating the closing of the transactions contemplated in the Shares Sale Agreement, the Company will be carrying out an internal group restructuring exercise pursuant to an agreed restructuring plan (the Restructuring Plan). Pursuant to the Restructuring Plan, the Company is to procure that a company incorporated in Singapore or to be incorporated in the Cayman Islands by Seksun Investments and wholly owned by Seksun Investments (OpCo) shall enter into an internal business sale agreement with the Company (the Internal Business Sale Agreement), pursuant to which the Company shall sell, and OpCo shall buy, the whole of the business carried on by the Company as a going concern and substantially all of its assets and liabilities (including all of the Company's rights arising under contracts relating to the business, intellectual property and goodwill but excluding all the shares held directly, or indirectly by the Company in its group of companies).

It has now been agreed that the OpCo that will enter into the Internal Business Sale Agreement with the Company shall be Seksun International Pte. Ltd. The incorporation of Seksun International Pte. Ltd. is not expected to have a material impact on the net earnings per share and net tangible assets per share of the Company for the current financial year ending 31 December 2007.

Seksun Corporation Limited, incorporated in 1981, has emerged as one of Singapore's leading precision engineering specialists, with its own clean room assembly operations. Seksun was listed on the Singapore Exchange's SESDAQ in October 1994, and on the Main Board in April 1999. It is principally engaged in the manufacture of metal components and contract manufacturing for the Computer Peripherals, Telecommunication Equipment and Industrial and Consumer Electronics industries. Seksun offers customers a complete range of services, required by electronics companies, from the early stage of design to final delivery. It specialises in the following areas: metal stamping, tooling design and fabrication, electronics manufacturing services and cleanroom assembly. Seksun's brand name in the manufacture of metal components and metal stamping over the last two decades has won the company regional recognition as well as a stable of multinational customers.

 

CEO's Walk The Talk

“..Leveraging on our experienced in-house R&D division, Aztech will continue its drive to develop new and innovative products to spearhead Aztech into the forefront of technology in data and voice communications. Looking ahead on cutting-edge technology, the R&D is developing new products that include a low radiation & long-range DECT phone, VDSL2 100Mbps high speed modems, 3.5G wireless broadband adapters, DVB-T settop boxes and 1Gbps Fiber to the Home modems. Today our wide offerings in data & voice communications are our biggest assets, and we will continue to position these solutions in key exhibitions. We have proceeded with our aggressive strategy to intensify our marketing efforts to increase products visibility in Singapore, Hong Kong and Malaysia.”

Michael Mun, CEO and President
Aztech System Ltd.

 



Highlighted Company


ASL Marine Holdings Ltd 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.

The Group started operations as a trader of scrapped steel material in 1974, and subsequently rode on the 1980s construction sector boom by undertaking building construction works.

Guided by its vision to be a key player in the marine sector, the Group undertook ship-breaking activities in 1986 before venturing into shipbuilding and shiprepair - where it successfully constructed its first barge and tugboat in 1988 and 1990, respectively. In 1989, the Group started to tap the growing market for shipchartering by providing charter of tugboats and barges and other marine logistics services.

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 including the building and repair of increasingly larger and more sophisticated vessels.

Equipped with a fleet consisting mainly of tugboats and barges, ASL Marine has also carved a niche in providing ship chartering services to the marine and offshore infrastructure sector such as dredging and land reclamation, transportation of heavy equipment and materials. 






































Historical Price Data
 Date Open High Low Close
Volume  
25 Oct 2007 1.750 1.850 1.750 1.790
5,456,000
24 Oct 2007 1.760 1.770 1.740 1.750
1,945,000
23 Oct 2007 1.740 1.770 1.720 1.730
1,836,000
22 Oct 2007
1.720
1.750
1.690
1.740
1,576,000
19 Oct 2007 1.800 1.800 1.750 1.780
676,000

Fundamentals
Historial EPS ($) a
  0.15636
Rolling EPS ($) e
  0.15636
NAV ($) b
  0.5941
Historical PE
  11.448
Rolling PE f
  11.448
Price / NAV b
  3.013
Dividend ($) d
  0.025000
52 Weeks High
  1.950
Par Value ($)
 n.a.
Dividend Yield (%) d
  1.397
52 Weeks Low
  0.860
Market Cap (M)
  460.762
Issued & Paid-up Units c
  257,409,000
 
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 27/08/2007. 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
19 Oct 2007 Resolutions Passed At Seventh Annual General Meeting
19 Oct 2007 Investment In PT Cemara Intan Shipyard
02 Oct 2007 Notice Of Annual General Meeting
06 Sep 2007 ASL Marine's Management Replies To Online Management Q&A
23 Aug 2007 Analyst Briefing - Financial Results For The Year Ended 30 June 2007



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