18 February 2008      
 
WEEK'S TOP VOLUME
 Name
Volume '000 
E3 Hldg
302,816
SingTel
203,814
HSI24000MBLeCW080328
167,381
HSI24800MBLeCW080228
138,342
China Hongx
127,924
Weekly movement as at 15 February 2008
WEEK'S TOP GAINER
 Name
Price  
Chg 
JMH 400US$
28.880
+3.420
Jardine C&C
20.900
+2.100
JSH 500US$
16.020
+1.720
GLD 10US$
90.100
+1.300
DBS
17.900
+0.880
Weekly movement as at 15 February 2008

 
HEADLINES FOR THE WEEK
CitySpring Infrastructure Trust : Looks to raise additional $370 million in equity capital if market conditions are favourable.
Creative Technology : Looks to enter new markets to raise revenue numbers.
DLF Limited : An Indian property developer looks to IPO REIT worth US$1.5 billion in Q2.
Courage Marine : Looks to sign more contracts to transport coal to snowstorm hit areas in China.
Liang Huat Aluminium : Clinches 3 projects from Far East Organisation worth $19 million.
International Capital Investment Ltd : Pushes back offer closing date for planned delisting from February 11 to March 20.
Jade Technologies Holdings : Inks sale and purchase agreement for the sale of subsidiary Jade Precision Engineering to United Pacific Industries.

 

KTL Global Shipping : Clinches US$7 million contract to supply wire ropes to McDermott Group for 5 years.
Wee Hur Holdings : Secures 2 new building projects valued at a total of $146.5 million.
ST Engineering : US shipyard subsidiary VT Halter Marine clinches project to design and build two platform supply vessels valued between US$45 milln-US$55 million.
SSH Corp : Looks to clinch more major deals from new petrochemical and bio-diesel facilities built in Singapore.
SGX : Plans to step up enforcement on securities trading via increasing minimum penalties and expediting crackdowns.
SingXpress : To buy Singapore Service Residence Pte Ltd and Anglo French Travel Pte Ltd for a consideration of $37.9 million.
Federal International : Enters Indonesian coal mining business through subsidiary Alton International Pte Ltd.
Sembawang Engineering and Constructors : Wins $400 million IR project from Marine Bay Sands Pte Ltd.

 

Derivative News

SG WARRANT IN FOCUS

  • Singapore Exchange Limited’s share price has fallen by about 30% since 2 Jan 2008. This fall is much higher than the 11% fall registered by the Straits Times Index (the STI) during the same period. It closed at $9.49 last Friday. Investors who believe that the shares have been oversold and will rebound in the near future may want to consider E5IW.


 

 

 

  • SIA’s 3QFY08 results were above market expectations with net profit rising 69% yoy to S$595m on the back of a 12.7% increase in passenger yield. The share price rose $0.36 last week compared to the previous week. Investors expecting the share price to strengthen further in the near future may want to look at call E5XW.

more..


Investor Relations Alert

KSH Holdings Secures New Contract Worth S$53.5 Million

KSH Holdings Limited (KSH Holdings or the Group)announced that it has secured a S$53.5 million contract from Eurochem Corporation Pte Ltd (Eurochem), for the construction of a 13-storey business park building at International Business Park (IBP).

With this additional construction project, the existing order book of the Group’s construction business stands at more than S$505 million, and the unfulfilled contract value for all existing contracts on hand is expected to cover till Financial Year ending 31 March 2010.

Kim Seng Heng Engineering Construction (Pte) Ltd (KSHEC), the Group’s 100 per cent owned subsidiary in Singapore, was awarded this contract by Eurochem for the construction of a 13-storey business park building with a basement carpark at IBP. The building has a gross floor area of approximately 25,057 square metres. The contract is approximately S$53.5 million in value. Construction work is scheduled to commence in February 2008 and is expected to be completed within 18 months

KSH Holdings is a well-established construction, property development and property management group with over 28 years of experience in the construction industry. Its principal activities are construction in Singapore and Malaysia, and property development and property management in the PRC and Singapore. The Group acts as main contractors in construction projects in both the public and private sectors in Singapore, and in the private sector in Malaysia. Its wholly owned subsidiary, Kim Seng Heng Engineering Construction (Pte) Ltd, is currently registered with the Building and Construction Authority (BCA) with a A1 grading under the category CW01 for general building, which is currently the highest grade for contractors’ registration in this category, and allows it to tender for public sector construction projects of unlimited value.

Global Voice Launches IP¦nex - High-Performance Global IP Solutions

Global Voice Group announced that it has launched IP¦nex – a next generation suite of massively scalable, high-performance, zero-downtime IP solutions that tap the power of multiple global IP providers delivered to the client through one innovative and flexible IP service.

The industry wide shift to all IP (Internet Protocol) communications, be that for voice, data, TV, or multi-media, has created a huge challenge to deliver scalable, high performance IP access, in a completely redundant, zero downtime, environment. IP¦nex enables corporations, carriers and service providers to harness the power of IP for rapid, low-cost and high-performance access to connect regions, customers and partners.

IP|nex delivers across the board:

  • Simultaneously consolidates multiple IP Transit providers through one connection to the client including multiple Tier-1 global IP providers – whichever provider suits the client best.
  • Real time optimization of traffic routing for maximum performance and minimal latency (combined over 10,000 peering relationships)
  • Multiple IP providers, multiple routes and multiple infrastructures guarantee 100 per cent availability.
  • One SLA, one control management, one bill, one point of contact for global IP solutions.

Global Voice Group can deliver IP|nex door2door through its wholly owned, exceptionally low-latency pan-European network. Constructed at a cost of €1.3 billion, Global Voice owns and operates one of Europe’s highest-capacity fiber optic networks that combines “long-haul” (Germany, Netherlands, United Kingdom, France and Belgium) with “last-mile” (Frankfurt, Munich, Berlin, Stuttgart, Hanover, Hamburg, Düsseldorf, Cologne, Paris, Amsterdam, Rotterdam, The Hague, Utrecht, London and Dublin) fiber networks. In addition IP¦nex will be offered over the recently announced euro-one alliance - a collaboration of Europe's leading fiber optic network providers to deliver infrastructure and next generation networking solutions connecting Central, Eastern, Western Europe and North America connecting over 350 cities through over 1,000 points of presence. IP¦nex can be presented to the door over optical fiber or at over 100 Global Voice datacenter PoPs across Europe. IP¦nex suite of services include:

  • IP Transit (for fastest, most redundant Internet Transit) –
  • VPN¦nex, (fully managed, highly secure, global VPNs)
  • MPLS – across Global Voice Group infrastructure and deliver

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 Group’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 Corporations and carriers alike. Global Voice Group, traded as euNetworks in Europe, is headquartered in Frankfurt, and 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, Central, Western Europe and North America.

Sitra Goes Full Swing Into Sustainable Wood And Forestry Practices

Sitra Holdings (International) Limited (Sitra or the Group) is pleased to announce that it has taken two significant steps towards becoming a producer of sustainable wood products for all its product segments ranging from wood-based products to lifestyle outdoor furniture. Sitra was certified for Forest Stewardship Council (FSC) Chain of Custody (COC) on 16 November 2007 and is valid till 15 November 2012. The COC is the path taken by raw materials from the forest to the consumer, including all successful stages of processing, transformation, manufacturing and distribution. With the COC certification, Sitra will enjoy a guarantee about the production of FSC-certified products. FSC is an international organisation that brings people together to find solutions which promote responsible stewardship of the world’s forests. FSC is also set out to promote environmentally appropriate, socially beneficial and economically viable management of the world’s forests. Through consultative processes, FSC sets international standards for responsible forest management. It accredits independent third party organisations which can certify forest managers and forest product producers to FSC standards. Over the past 13 years, over 90 million hectares in more than 70 countries have been certified according to FSC standards while several thousand products are produced using FSC-certified wood and carrying the FSC trademark. FSC operates through its network of National Initiatives in 45 countries.

Earlier on 16 October 2007, Sitra announced that it was the first company of its kind in Singapore to join the Tropical Forest Trust (TFT), joining some of the world’s largest building materials and wholesalers. Sitra is also one of TFT’s largest supplying members through a wide array of products including deck tiles, decking, flooring and lifestyle furniture.

In a move designed to enhance the Group’s sustainable process value chain, Sitra’s subsidiary in Indonesia, PT Jaya Raya Trasindo (Jaya Raya), has signed a purchase agreement for a new factory, at a purchase consideration of IDR 13.5 billion (approximately S$2.1 million). Jaya Raya is a leading wood products manufacturer in Indonesia who had achieved both the Tropical Forest Trust (TFT) membership as well as the FSC certifications.

The projected capacity of this new factory which is located at Desa Wonokono, Beji, Kabupaten Pasuruan, Indonesia, is about 100 containers per month. The existing Jaya Raya factory is located at Margomulyo, Surabaya, with a capacity of 30 containers a month. Together, PT Jaya Raya Trasindo can achieve a potential output of 130 containers per month.

Sitra Holdings (International) Limited (Sitra or the Group) is a leading brand-centric distributor of high quality wood-based and lifestyle furniture carrying its proprietary brands. The Group’s products can be categorised into the two groups, namely (i) high-value wood-based products such as decking, flooring, fencing, door and door components, window and window components and other moulded products; and (ii) premium lifestyle furniture such as outdoor garden furniture, DIY (or “Do-It-Yourself”) fencing systems, garden accessories, indoor furniture and contract furnishings.

Aztech Group Secures Contract For The Procurement And Supply Of Construction Material

Aztech Systems Ltd (Aztech) wishes to announce that its wholly owned subsidiary, AZ United Pte. Ltd. has secured a contract for the supply of construction material.

The Contract, which is projected to be executed in three stages is worth a total of approximately S$250 million for the overall procurement and supply of the material over a period of three (3) years. The first stage is valued at S$23 million, to be executed over a period of six (6) months. The first delivery is expected to commence by the end of March 2008.

The subsequent two stages of the Contract valued at S$92 million and S$138 million respectively are to be executed upon confirmation from the buyer should the preceding stages progress satisfactorily.

Incorporated in 1986, and listed on the Main board of the Singapore Stock Exchange, Aztech Systems Ltd specializes in the design and manufacturing of voice and data communications solutions. Headquartered in Singapore, Aztech today has over 2,500 employees worldwide with strong R&D, design and manufacturing capabilities. Supported by its six sales offices in Singapore, Hong Kong, China, USA, Germany and Malaysia, the Company provides OEM/ODM, contract manufacturing and retail distribution business.

MTQ Acquires Subsidiary Company

MTQ Corporation Limited (the Company or MTQ) wishes to announce that the Company has acquired one ordinary share in the issued share capital of Blossomvale Investments Pte. Ltd. (BIPL) for a consideration of S$1.00.

The principal activity of BIPL is that of investment holding. Consequent upon the acquisition of BIPL, BIPL is now a wholly-owned subsidiary of the Company.

The acquisition of BIPL is not expected to have any material impact on the consolidated earnings per share or consolidated net tangible assets per share of the Company for the financial year ending 31 March 2008.

MTQ Engineering Pte Ltd is a leading provider of engineering solutions for oilfield and industrial equipment users and manufacturers. The company seeks to attain total customer satisfaction and, for this reason, strives to provide the best possible level of service at all times.

 

Swiber and Principia in JV to provide services to the offshore and marine industry in South East Asia

Swiber Holdings Limited (Swiber or together with its subsidiaries, the Group) and Principia Recherche & Development SA (Principia) announced the formation of a joint venture to undertake the supply and sale of studies, design of offshore and marine facilities, as well as related services in the offshore and marine industry in South East Asia.

The proposed joint venture company (to be incorporated in Singapore) will be 51 per cent owned by Principia, and 49 per cent owned by Swiber’s wholly-owned subsidiary, Kreuz International Pte Ltd (Kreuz). The day-to-day operations of the proposed joint venture company will be managed by a team of executives to be appointed jointly by the board of directors of Principia and Kreuz. Swiber is a niche service provider to the offshore oil and gas industry, with a complementary business in the supply of marine support vessels, while Principia, a subsidiary of AREVA within AREVA TA Business Unit, is specialized in scientific engineering and studies and in the design, manufacture and sale of related software applications in the worldwide marine and offshore business.

From the complementary nature of the business operations, Swiber and Principia expect synergies in the following areas:

  • engineering services for marine and offshore applications such as oil and gas exploration and production, maritime works and operations;
  • monitoring engineering and services;
  • commercial representation of certain scientific software.

Established in 1996, Swiber is today an integrated offshore Engineering, Procurement, Construction, Installation and Commission (EPCIC) contractor with in-house marine support capabilities (Offshore Marine Support). Through the integration of these two core businesses, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects. We offer a full suite of offshore EPCIC services which can be customised in accordance with the requirements of our customers in the offshore oil and gas industry. Of significance, while we are focused mainly on the development stage, our services are applicable to all stages in an offshore oil and gas project, spanning exploration, development, production and post-production. Swiber also operates a fleet of marine support vessels which are chartered to customers throughout various stages in their offshore oil and gas exploration, development and production and post production projects. Currently, we own and/or operate a fleet of 28 vessels, comprising 12 tug boats, 11 barges, one crane barge (Dalihao),one jack up barge, one accommodation barge, one submersible barge and one pipelay barge (Swiber Conquest).

Swissco Secured 12-Month Contracts Worth S$6.4Million In The Middle East

Swissco International Ltd, a Mainboard listed company (Swissco or the Group), is pleased to announce that its wholly-owned subsidiary, Swissco Offshore Pte Ltd, has recently secured 12-month contracts worth S$6.4 million for two of its new offshore support vessels to work in the Middle East.

The two vessels are recent deliveries into the Group’s fleet, and have immediately found employment in the booming Middle East Gulf region for a minimum of 12 months, with potential for further extension of the contracts.

The Group is expected to take delivery of 13 vessels in 2008 and 5 vessels in 2009.

With a history that dates back to 1970, Swissco is today one of the leading Singapore marine company that provides a modern fleet of offshore support vessels and specialized marine transport solutions to the oil and gas industry within South East Asia and beyond. Our Group also operates tugboats, barges and boats for charter in the Out-Port-Limit (OPL) catering to the ships passing Singapore on route to next ports. Swissco also operates a 3000DWT dockyard and 2 slipways in Singapore with the capabilities to carry out dry-docking and afloat repairs for its own fleet as well as for customers operating smaller to mid-sized vessels.

Jurong Technologies Launches World’s First Smart Entry Mobile Phone With Webbased Instant Messaging Functions

Jurong Technologies Industrial Corpn. Ltd (Jurong Technologies or the Group) announced that it has entered into a landmark collaboration with Infineon and TJAT Systems to produce the world’s first ultra-low-cost (ULC) mobile phone, also called smart entry mobile phone, that enables e-mail and web-based messaging functionalities. The phone will offer simultaneous access to all leading communication portals such as MSN, ICQ, Chikka or Yahoo.

This will be the first time that consumers can have access to chat and e-mail functions on low cost mobiles, which currently only offers voice-chat and SMS functions. With this breakthrough, it is expected that mobile internet will soon make its way to existing platforms. Under this partnership, Infineon will develop the technology platform; TJAT Systems will enable all mobile messaging and integrated services; and Jurong Technologies will integrate Infineon’s technology platform and other systems in the production of the smart entry phone.

Jurong Technologies has already implemented these web-based instant messaging services in its new range of ULC mobile phones and is showcasing these phones at the ongoing Mobile World Congress in Barcelona, Spain. It has also entered into collaboration with Brightstar Corporation, a global leader in customised distribution and supply chain management, who will be distributing this new range of ULC mobile phones globally, starting from the Asia Pacific.

Mobile instant messaging is expected to be a key driver for the handset industry. According to market research firm Gartner, 2.8 trillion messages will be sent via instant messaging in 2008, representing a growth of 19.6 percent compared to 2007. Revenues are expected to grow by 15.7 percent to 60.2 billion US dollars in 2008.

Established in 1986, Singapore Exchange Main Board-listed, Jurong Technologies, provides Electronics Manufacturing Services ("EMS") to Original Equipment Manufacturers ("OEMs") and Original Design Manufacturers (“ODM”) in the wireless communication, hard disk drive, networking, PC peripherals and industrial sectors. Headquartered in Singapore, Jurong Technologies has a wide manufacturing footprint with seven production facilities in Singapore, Malaysia, China (Suzhou and Tianjin), Indonesia (Batam), Thailand and Brazil (Jaguariuna). It has also established sales and marketing support offices in Singapore and the United States. With fully integrated operations, the Group is capable of providing a full range of EMS solutions to its customers that includes product design and development; raw material procurement and management; prototyping; print circuit board assembly; partial and complete box-build assembly; modular products; and supporting Original Design Manufacturers. It has added new metal and plastic solutions to its manufacturing capabilities that will enhance its service offerings and value-add to its customers.

CAO Re-admitted Into Global Trader Programme

China Aviation Oil (Singapore) Corporation Ltd (CAO) is pleased to announce that it has been awarded the Global Trader Programme (GTP) status by International Enterprise Singapore for a period of five years from 1 January 2008.

The GTP status is awarded by the Singapore government to selected global trading companies which are well-established international players in their industry and responsible for international trading, procurement, distribution and transportation of qualifying commodities and products. It is awarded on the basis of the company’s trade turnover, local business spending and employment of professional traders in Singapore. There are currently more than 200 companies under the GTP based in Singapore.

CAO first attained GTP status in 1998 (then known as the Approved Oil Trader status) and subsequently extended it in 2003. CAO’s GTP status was withdrawn in early 2005 during its restructuring. As a GTP company, CAO will enjoy a concessionary tax rate of 10 per cent on qualified offshore trading income.

Listed on the mainboard of the Singapore Exchange Securities Trading Limited, CAO is the key supplier of imported jet fuel to the Chinese civil aviation industry. CAO also owns investments in strategic oil-related businesses, which includes Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd and China Aviation Oil Xinyuan Petrochemicals Co. Ltd. Besides trading in oil-related products, CAO will also continue to seek investment opportunities in assets that are synergetic to its core businesses.

Swiber Awarded LOI For US$35 Million Project In Offshore Indonesia

Swiber Holdings Limited (Swiber or together with its subsidiaries, the Group) announced that its subsidiary PT Swiber Berjaya, has received a US$35 million Letter of Intent (LOI) for the transportation and installation of three pipelines totaling 84 kilometres in the waters off the archipelago.

The project, which is targeted to commence from the second quarter of 2008, with completion targeted for the last quarter of 2008, is for a major international oil conglomerate based in Indonesia.

This latest LOI forms an extension of a contract awarded to Swiber in November 2007 valued at US$31 million. The earlier contract was for the installation of platforms targeted to commence from April 2008 till August 2008. The total value of the two contracts is approximately worth US$66 million.

Established in 1996, Swiber is today an integrated offshore Engineering, Procurement, Construction, Installation and Commission (EPCIC) contractor with in-house marine support capabilities (Offshore Marine Support). Through the integration of these two core businesses, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects. We offer a full suite of offshore EPCIC services which can be customised in accordance with the requirements of our customers in the offshore oil and gas industry. Of significance, while we are focused mainly on the development stage, our services are applicable to all stages in an offshore oil and gas project, spanning exploration, development, production and post-production. Swiber also operates a fleet of marine support vessels which are chartered to customers throughout various stages in their offshore oil and gas exploration, development and production and post production projects. Currently, we own and/or operate a fleet of 28 vessels, comprising 12 tug boats, 11 barges, one crane barge (Dalihao),one jack up barge, one accommodation barge, one submersible barge and one pipelay barge (Swiber Conquest).

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 expanded tonnage and higher capacity…"

Hsu Chih-Chien
Chairman of the Board
Courage Marine (Holdings) Co. Ltd



Singapore's Most Promising Company Profile

Established in 1996, Swiber is today an integrated offshore Engineering, Procurement, Construction, Installation and Commission (EPCIC) contractor with supporting in-house offshore marine capabilities.

Offshore EPCIC Services: Leveraging on our strong engineering capabilities, we provide a full suite of EPCIC services which can be customized according to project requirements.

Offshore Marine Support Services: We charter support vessels, including logistics support, to customers both on a time charter and bareboat charter basis. As at 17 September 2006, we have a fleet of nine operating vessels, comprising five tug boats and four barges.

Led by a team of professional and market-oriented management, Swiber has grown its business due to its quick response to market trends and opportunities. In 2002, Swiber strategically shifted its focus away from pure-play vessel chartering towards offshore EPCIC services. The tactical move augured well for Swiber as offshore EPCIC services, together with the offshore marine support services supporting the EPCIC services, now account for the Group’s main revenue and earnings drivers.

While our subsidiaries are in Singapore, Malaysia and Indonesia, the group serves a geographically diversified customer base, having handled EPCIC projects and marine support services for customers based in Singapore, Malaysia, Indonesia, Thailand, Bangladesh, India, China, Australia and United States.

Due to the geographical diversification of our operations, we have generally been able to allocate our resources to specific geographic areas in accordance with the weather conditions. This would mitigate the effects of seasonality on our business operations.


 

 































 

Historical Price Data
 Date Open High Low Close
Volume  
14 Feb 2008 2.100 2.180 2.080 2.120
2,363,000
13 Feb 2008 2.100 2.120 2.060 2.070
1,775,000
12 Feb 2008 2.100 2.110 2.090 2.100
891,000
11 Feb 2008 2.180 2.180 2.090 2.100
602,000
06 Feb 2008 2.250 2.250 2.180 2.190
968,000

Fundamentals
Historial EPS ($) a
  0.04624
Rolling EPS ($) e
  0.12641
NAV ($) b
  0.5542
Historical PE
  48.659
Rolling PE f
  17.799
Price / NAV b
  4.060
Dividend ($) d
  -
52 Weeks High
  3.840
Par Value ($)
  n.a.
Dividend Yield (%) d
  -
52 Weeks Low
  0.985
Market Cap (M)
  954.788
Issued & Paid-up Shares c
  424,350,000
 
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 16/11/2007. 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

14 Feb 2008

Media Release: Swiber Awarded LOI For US$35 Million Project In Offshore Indonesia

12 Feb 2008

Media Release: Swiber And Principia In JV To Provide Services To The Offshore And Marine Industry In South East Asia

28 Dec 2007

Resolution Passed At Extraordinary General Meeting

19 Dec 2007

Media Release: Swiber Awarded Contract Extension From Brunei Shell Petroleum

10 Dec 2007

Notice Of Extraordinary General Meeting




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