03 March 2008      
 
WEEK'S TOP VOLUME
 Name
Volume '000 
Chasen
771,873
Synear
269,091
Yangzijiang
225,219
HSI24000MBLeCW080328
224,727
Sapphire
168,585
Weekly movement as at 29 February 2008
WEEK'S TOP GAINER
 Name
Price  
Chg 
GLD 10US$
98.000
+4.760
Shang Asia 2kHK$
24.300
+1.700/div>
OCBCCap3.93%Pref10
101.900
+1.200
Jardine C&C
21.500
+0.900
Lyxor China H 10US$
17.820
+0.770
Weekly movement as at 29 February 2008

 
HEADLINES FOR THE WEEK
PhillipCapital : Opens inaugural investor hub near Novena MRT station.
Straits Asia Resources : Looks to expand its coal mining production capacity by 4 times to 20 million tonnes per annum in the next 3-4 years.
CapitaLand : Shifts focus to property development in Vietnam.
Singtel  : Along with PacNet in joint venture with Google and 3 other internationals carriers in high-speed submarine cable system linking Asia and the US worth US$300 million.
IMC Corp : Buys Marine Engineering Services.
SGX : To purchase 95 per cent stake in Singapore Commodity Exchange for $7.5 million.

 

Surburna  : Looks at viability township development project in Chengdu.
IMC Corp : Buys Marine Engineering Services.
Changi Airports International  :  Clinches technical services project to help develop first Indian private airport.
CapitaLand  :  Looks to create $300 million Vietnam property fund.
Wilmar  :  To seek permission from Chinese government to raise cooking oil product prices.
UOB :  Clinches Best Overall Fund Group Award in the Edge-Lipper Singapore Awards 2008.

 

Q&A Highlights

Dear readers,

We would like to highlight these online Q&A sessions with the management of these companies still open for your participation this month. Should you have any questions to ask, please click on these links to post them.

    

Best Regards,
SI Team


Derivative News

SG WARRANT IN FOCUS

  • CapitaLand announced it will form a US$300 million fund to invest in real estate projects in Vietnam and plans an alliance with Nam Thang Long Investment Joint-Stock Company to expand in the nation.

 

 



CapitaLand will take a 30% stake in the fund which it believes will position it well to invest in the strong pipeline of real estate projects in the country. Investors who are positive may consider D8PW.




 


Investor Relations Alert

Unifiber Subsidiary Appointed Turnkey Contractor For MBBM Pulp Mill

United Fiber System Limited (Unifiber) is pleased to announce that its wholly owned subsidiary PT Marga Buana Bumi Mulia (PT MBBM) has on 22 February 2008 entered into a Turnkey Agreement (the Agreement) with China MCC20 Construction Co. Ltd (MCC20), a subsidiary of China Metallurgical Group Corporation (MCC) for the construction of a bleached hardwood kraft pulp mill in South Kalimantan with a capacity of 600,000 air dry tonnes per annum (the Project).

Under the Agreement, MCC20 will be responsible for, inter alia, the design, procurement and supply of all machinery and equipment, civil work, and the installation work required to set up a complete pulp mill for a consideration value of approximately US$863 million. MCC20 will also provide supplier’s credit for the Project. According to the Agreement, within one month from the signing of the Agreement, both parties are expected to settle all the major pending items including the financing package, detailed construction program and the groundbreaking of the Project. The Board of Directors will make a further announcement upon the finalization of the terms of the turnkey arrangement and the supplier’s credit.

Unifiber had previously entered into a turnkey contract on similar arrangements with China National Machinery & Equipment Import & Export Corporation (CMEC). However, after further consideration, the Board of Directors of Unifiber is of the view that MCC20 is a more synergistic partner as the turnkey contractor and the engagement of MCC20 will allow the Company to advance forward with the Project in a manner that is most timely. This Agreement will effectively replace the contract signed with CMEC.

Swiber Awarded Landmark Offshore Installation Project In Malaysia Worth Over US$31 Million

Swiber Holdings Limited (Swiber) announced that it has been awarded an offshore installation project in Malaysia worth approximately US$31 million. The project, which is targeted to take place between 1Q and 2Q of 2008, is for an International Oil Company based in the country.

As part of the scope of work, Swiber will utilise some of its offshore construction vessels, which include its Pipelay Barge, Heavy-life barge and Dive Support Vessel, for the laying of subsea pipelines; installation of wellhead riser platforms and bridge; as well as Subsea Spool tie-ins and pre-commissioning work in the waters off Malaysia.

The project is a landmark achievement for Swiber as it is the Group’s maiden project with the well-known Malaysia-based international oil company.

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.

By integrating our complementary services, we are able to provide customers with one-stop solutions for all the relevant stages of their offshore oil and gas projects.

Investment In The Joint Venture Company, Girdnal Oilfield Services, Inc

Tat Hong Holdings Ltd (Tat Hong or the Company) wishes to refer to its announcement of 3 November 2006 with respect to the Incorporation of Joint Venture Companies with KS Energy Services Limited (KSES). This is in relation to the charter of land rigs to a China national oil company.

Further to the above announcement, the share capital in GIRDNAL Oilfield Services, Inc (GIRDNAL), a joint venture company incorporated in the United States of America, has been increased to US$5,850,000.00 with effect from 25 February 2008. Tat Hong and KSES will now effectively hold 2,925,000 shares in the capital of GIRDNAL at a subscription price of US$1.00 per share in cash, respectively.

There is no change in the equity interest in the joint venture company and the profit sharing agreement between the Company and KSES after the additional cash injection. The additional cash injection of US$2,925,000 was funded by the Company’s internal resources.The Company’s investment in GIRDNAL (Investment) was funded by the Company’s internal resources.

Tat Hong was set up in Singapore in the '70s as a supplier of cranes and heavy equipment. Over the years, we have grown and progressed to become one of the biggest companies in the region supplying cranes and heavy equipment to the industries. Tat Hong is currently listed on the Singapore and Australia stock exchange and employs about 700 staff. In the annual survey conducted by UK based publisher "International Cranes", we are ranked the world's 1st largest crawler cranes owner and the 9th largest crane rental company in the year 2003 and 2004. In Asia, we are ranked 1st largest in 2003 and 2004. Over the past three decades, we have expanded our operations to Malaysia, Hong Kong, Thailand, Indonesia, China, Japan, Vietnam and Australia, allowing us to bring our services closer and more effectively to our customers. Coupling this relentless attitude with our fleet of 500 strong cranes of Lifting capacities ranging from 7 to 800 tons, our men and machine combination is ever ready to work in perfect unison to give you the best lifting solution conceivable anywhere.

Ezra's Vietnam Yard Clinches Another Major Fabrication

Ezra Holdings Limited (Ezra, The Group) announced that wholly-owned Saigon Offshore Fabrication & Engineering Limited (SOFEL) has clinched a US$55.4 million fabrication and assembly contract with delivery in FY2010. The contract is the second major job to be won by Ezra’s offshore fabrication engineering arm in Vietnam, HCM Logistics Limited (HCM Logistics), which owns SOFEL. Last October, another HCM Logistics unit, Saigon Shipyard Limited, marked its successful break into the offshore engineering market with a US$103.1 million fabrication and assembly contract, also to be delivered in FY2010. HCM Logistics is 100%-owned by Ezra.

HCM Logistics operates fabrication facilities in Ho Chi Minh City and Vung Tau. Under the latest contract, SOFEL will fabricate and assemble an offshore module for a North American company in the O&G industry. Earnings recognition is expected from FY2009. Ezra is swiftly building and refining its capabilities as a fully integrated provider of offshore support services able to meet the stringent transport, logistics and fabrication engineering requirements of the demanding offshore oil & gas sector. The Group, amongst Asia’s first to strategically focus on deepwater offshore support work, currently manages 30 vessels and has 11 more scheduled to come into service by 2010. These include a floating production support offloading (FPSO) vessel, two jack-up rigs, four Multi-Functional Support Vessels, and an ultra-large pipelay accommodation, well service and maintenance vessel.

SGX-listed Ezra Holdings (Ezra) was listed on SESDAQ on 8 August 2003 and promoted to the Main Board on 8 December 2005. Offering offshore support and marine services, the Group is unique in the offshore oil & gas industry with its integrated range of support vessels for charter across a broad spectrum of the oil & gas offshore support supply chain.

Investment In The Joint Venture Company, Girdnal Oilfield Services, Inc

KS Energy Services Limited (KS Energy or the Company) wishes to refer to its announcement of 6 November 2006 with respect to the Incorporation of Joint Venture Companies with Tat Hong Holdings Ltd (Tat Hong). This is in relation to the charter of land rigs to a China national oil company. Further to the above announcement, the share capital in GIRDNAL Oilfield Services, Inc (GIRDNAL), a joint venture company incorporated in the United States of America, has been increased to US$5,850,000.00 with effect from 25 February 2008.

KS Energy and Tat Hong will now effectively hold 2,925,000 shares each in the capital of GIRDNAL at a subscription price of US$1.00 per share in cash. The equity interests of the Company and Tat Hong in GIRDNAL, will remain unchanged. The increase in share capital will strengthen the capitalization of GIRDNAL to meet its operational requirements.

The Company’s investment in GIRDNAL (Investment) was funded by the Company’s internal resources.

KS Energy Services Limited (KS Energy) is a leading one-stop energy services provider to the global oil & gas (O&G) and petrochemical industries. Formerly known as KS Tech Ltd, KS Energy was listed on SGX-SESDAQ on 6 August 1999 and subsequently upgraded to the Mainboard of the Singapore Exchange on 11 March 2002. In 2003, KS Energy embarked into the rig and capital equipment refurbishment and rental business. Supported by its abilities to procure, supply and charter upgraded capital assets under long term service agreements to top tier O&G companies including BP, Maersk and CNOOC, KS Energy was able to establish a strong reputation in the O&G industry within a relatively short period of time. Following the acquisition of Atlantic Oilfield Services Ltd in May 2007, KS Energy now has the capability to supply, as well as operate the capital equipment, including on-shore and off-shore rigs. Effectively, it has nudged itself up the value chain and transformed into a full service provider by offering value-added services directly to O&G companies. It has a combined fleet of 20 on-shore and off-shore rigs and vessels operating across an extensive geographical region encompassing South East Asia, China, the Middle East, the North Sea, Europe and the USA. In addition, KS Energy also distributes more than 60,000 O&G related products comprising more than 140 international brands. Together with two other Singapore listed companies under its umbrella - Aqua-Terra Supply Co. Limited, a leading supplier of O&G consumables; and SSH Corporation Ltd, a leading supplier of industrial products for the energy sector, KS Energy ranks among the largest distributors of O&G equipment, spare parts, consumables and industrial products in the region.

Registration Of A Wholly-Owned Subsidiary In Tangshan, Hebei

China Energy Limited (the Company) wishes to announce that the Company through its wholly-owned subsidiaries, Jiutai Energy Technology Co., Ltd. (Jiutai Energy) and Linyi Jiuxin Energy Co., Ltd. (Linyi Jiuxin) have registered a wholly-owned subsidiary in Tangshan, Hebei, the People’s Republic of China (the Subsidiary) with the following details:-

Name of the Subsidiary : JIUTAI ENERGY (TANGSHAN) CO., LTD

Principal Activities : Development of carbine and dimethyl ether facilities

Legal Representative : Cui Lianguo

The Subsidiary has a registered capital of RMB 100 million and a paid up capital of RMB20 million, of which Jiutai Energy and Linyi Jiuxin have contributed RMB14 million and RMB6 million respectively, in the paid up capital of the Subsidiary.

China Energy Limited (China Energy, together with our sole subsidiary, Jiutai Energy Technology Co., Ltd, the Group) is believed to be China's largest producer of Dimethyl Ether (DME) based on our production capacity as of October 27, 2006 (the Latest Practicable Date or LPD). DME is an environmentally-friendly fuel with lower smoke emission rates compared to certain other conventional fuels, and we believe it has the potential to become a widely-accepted alternative fuel in the future. Most of our DME is currently sold to Liquefied Petroleum Gas (LPG) distributors, who blend it with LPG to reduce their average costs, and such fuel blend is then sold to end-consumers for household and industrial uses. Capitalising on the growth of the DME market, we increased our DME production capacity from 50,000 metric tonnes per annum (mtpa) when we started production in January 2004, to 150,000 mtpa as of the LPD. Our Group also produces methyl alcohol (Methanol). We use some of our internal Methanol production as a feedstock for our DME production and also sell Methanol to third party chemical companies. Our Methanol production capacity has also increased since we commenced Methanol production in December 2003 and as of LPD, our Methanol production capacity was 250,000 mtpa. Our facilities are currently located in Luozhuang High and New Technology Industrial Park in Linyi, Shandong Province in the PRC, occupying approximately 205,000 square metres. In the first half of 2006, we had over 100 DME and Methanol customers from various provinces in China, including in Shandong, Jiangsu, Guangdong, Anhui and Shanghai. A substantial portion of our customers are based in Shandong, where we have experienced a significant growth in demand for DME from the second half of 2005.

Noble Invests A$48.5 Million In Monto Coal

Ltd holds a 51 per cent interest in the Monto Coal Joint Venture which owns the Monto coal project (Monto Coal Project). The consideration is A$48.5 million as announced on 10 December 2007.

Located near the town of Monto in Queensland, the Monto Coal Project is in close proximity of port and rail facilities and is one of the few remaining undeveloped significant thermal coal resources in Queensland, Australia. With a bullish view of long term coal prices, increasing industry costs and depletion of similar large scale resources, this proposal represents a sound investment by Noble to secure a long term position in the Queensland thermal coal industry.

This transaction is not material for the purposes of the Singapore Exchange Securities Trading Limited Listing Rules.

Noble Group (SGX: NOBL) is a market leader in managing the global supply chain of agricultural, industrial and energy products. We operate from over 80 offices in more than 40 countries, serving 4000+ customers.

Noble manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation. Noble continues its transition to owning and managing more strategic assets, sourcing from low cost producers such as Brazil, Australia and Indonesia and supplying to high growth demand markets including

China, India and the Middle East. Today Noble owns coal and iron ore mines, grain crushing facilities, sugar and ethanol plants, vessels, ports and other infrastructure to ensure high quality products are delivered in the most efficient and timely manner to its customers.

Swiber Awarded Design, Engineering And Construction Projects Totaling Over US$20 Million

Swiber Holdings Limited (Swiber or together with its subsidiaries, the Group), a niche service provider to the offshore oil and gas industry, announced today that its wholly-owned subsidiary, Kreuz Shipbuilding & Engineering Pte Ltd, has successfully been awarded two projects for the design, engineering and fabrication of three offshore oil and gas marine assets totaling more than US$20 million.

One of the projects is for the design, engineering and fabrication of a Single Point Mooring (SPM) buoy for a Malaysia-based oil company, one of Swiber’s recurring customers, amounting to US$3.4 million (excluding certain owner-furnished equipment). The date of completion of the SPM buoy is targeted for the second quarter of 2008. The second project is for the construction and installation of two floating crane barges, each worth approximately US$8.5 to US$9.0 million, for Offshore Bulk Terminal Pte Ltd, a wholly-owned subsidiary of OBT Holdings Pte Ltd (OBT). The two new builds are targeted for delivery in the last quarter of 2008. The barges will measure approximately 250 feet by 80 feet by 16 feet with a Liebherr CBG 45(45)/32 crane mounted on a pedestal. Established in 2004 as a joint venture with Singapore-based Mineral Energy Pte Ltd, OBT is an associated company of the Swiber Group, with Swiber holding a 30% interest in the company. OBT primarily provides offshore trans-shipment services for coal and other dry bulk cargo in Indonesia.

OBT currently operates two crane barges in Indonesia and is expecting the completion of two additional crane barges in the first quarter of 2008, which is at present under construction by Kreuz. The two latest floating crane barges will boost OBT’s fleet size to six by the end of this year.

Swiber is a niche service provider to the Offshore Oil and Gas industry offering a wide and integrated range of offshore EPCIC, marine support and drilling services across the Asia Pacific and the Middle East. Since its foundation in 1996, Swiber has been dedicated to transforming the company into a world class leader in the Offshore Oil and Gas industry.

Today Swiber is a billion-dollar, public-listed company on the Singapore Stock Exchange with an eminent position among global Offshore Oil and Gas engineering and construction organisations. With an extensive and growing 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), and more than 500 employees in strategically located offices in the region, the Swiber name is synonymous with excellence, safety, innovation and value among its customers.

 

Sino-Env Secures RMB 350 Million Contract With Fujian Huadian Quanzhou Shishi

Sino-Environment Technology Group Limited (the Group or Sino-Env) is pleased to announce that the Group has finalized the contract with Huadian Quanzhou Shishi.

Huadian Quanzhou Shishi is building a new 2 x 600 Mw capacity power plant in Quanzhou, Fujian Phase one of the construction is scheduled to commence construction in 1H2009. The contract provides for the construction of dust-elimination, desulphurization, denitrogenation and waste water treatment facilities for this power plant by the Group.

The contract value is approximately RMB350 million. Revenue from this contract will be recognized over the contract period in accordance with the Group’s revenue recognition policy, which is based on the percentage of completion method. The period of the project is expected to be approximately 12 months.

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.

Additional New CNG Conversion Centre In Tuas

SO NGV (S) Pte Ltd is setting up its second conversion centre in 1 Tech Park Crescent in Tuas.

The new conversion centre is approximately 9000 square feet and is estimated to be four times the size of its first conversion centre in Penjuru. It will be ready in mid-March 2008. This new conversion centre will increase the conversion capacity and provide faster turnaround for pre-registered cars. The centre will also be ready to take care of Dual Diesel Fuel (DDF) conversion of diesel-powered vehicles. The DDF system allows diesel-powered vehicles to run on diesel and natural gas. In addition, the new centre will provide after sales service for CNG commercial trucks.

Our current conversion centre in Penjuru provides CNG conversion of both pre registered and in-use cars and has limited capacity. The Company hopes to be able to provide more conversion services in view of the popularity of CNG cars with new cars owners and existing cars owners who wish to save fuel and use alternative environmental friendly fuel.

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.

Acquisition Of Yongmao Holdings Limited

Tat Hong Holdings Ltd (the Company or THHL) wishes to announce that the Company has increased its percentage of shareholdings from 18% to 20% in the capital of Yongmao Holdings Limited, representing an additional 9,006,000 shares.

The increase resulted from a series of open market purchases at an average consideration of S$0.45 per shares.

Following this acquisition, the Company now owns 88,755,369 shares in Yongmao. The aggregate consideration for the Shares will be funded by the Group’s working capital.

Tat Hong was set up in Singapore in the '70s as a supplier of cranes and heavy equipment. Over the years, we have grown and progressed to become one of the biggest companies in the region supplying cranes and heavy equipment to the industries. Tat Hong is currently listed on the Singapore and Australia stock exchange and employs about 700 staff. In the annual survey conducted by UK based publisher "International Cranes", we are ranked the world's 1st largest crawler cranes owner and the 9th largest crane rental company in the year 2003 and 2004. In Asia, we are ranked 1st largest in 2003 and 2004. Over the past three decades, we have expanded our operations to Malaysia, Hong Kong, Thailand, Indonesia, China, Japan, Vietnam and Australia, allowing us to bring our services closer and more effectively to our customers. Coupling this relentless attitude with our fleet of 500 strong cranes of Lifting capacities ranging from 7 to 800 tons, our men and machine combination is ever ready to work in perfect unison to give you the best lifting solution conceivable anywhere.

Assignment Of Clean Development Mechanism Projects From Aretae Pte Ltd To Aretae EcoVentures Pte Ltd

Oculus Limited (the Company) wishes to announce that in consideration of the Company having provided a further S$2 million loan to the joint venture company set up by Aretae (Aretae) and the Company, Aretae EcoVentures Pte Ltd (Aretae EcoVentures). Aretae has assigned 5 Clean Development Mechanism (CDM) Projects (collectively the 5 CDM Projects) to the Aretae EcoVentures. The 5 CDM projects all involve the setting up and running of a composting plant to carry out organic waste composting. The location of the 5 CDM Projects are as follows:

  1. Melawar Composting Plant, Sandakan, Sabah, Malaysia;
  2. Asia Composting Plant, Sandakan, Sabah, Malaysia;
  3. Takon Composting Plant, Sandakan, Sabah, Malaysia
  4. PTS Composting Plant, West Kalimantan, Indonesia; and
  5. CKT Composting Plant, Jambi Sumatra, Indonesia.

The 5 CDM Projects are waste management projects currently being developed under the Clean Development Mechanism framework of the Kyoto Mechanism set out under the Kyoto Protocol. The projects will help reduce greenhouse gas emission from palm oil milling waste and promote sustainable development by recycling the wastes into compost for the plantations. The 5 CDM Projects will also generate Carbon Credits annually once they are completed. Aretae Ecoventures will provide project development and consulting services as well as manage the Carbon Credit assets for the 5 CDM Projects. The owners of the respective projects will obtain financing for the construction and implementation for each project. Proceeds from the trading or sale of Carbon Credits will be shared between the owners of the respective project and Aretae Ecoventures. Each of the 5 CDM Projects once completed has the potential generate between 500,000 to 1,500,000 Carbon Credits in their project lifespan depending on their actual production level.

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.

JEL completes Banking Agreement with Lenders

JEL Corporation (Holdings) Ltd and its subsidiary, JEL Corporation (Far East) Pte Ltd (collectively, the Companies), have completed banking agreements with its seven lending banks.

The banks have agreed to continue to provide credit facilities in total of approximately S$ 31 Million, to support the trade and working capital requirements for the Companies. These credit facilities are secured by two deeds of debenture and a mortgage over the total assets of the Companies and their subsidiaries, which at 31 Dec 2007 are estimated at S$ 65 Million.

The debentures and mortgage will be held by Raiffeisen Zentralbank Oesterreich Aktiengesellschaft (RZBAustria), Singapore Branch, which has been nominated by the banks as the Security Agent to hold the security in trust.

JEL Corporation is a leading distributor of photographic, IT, fast-moving consumer goods, consumer electronic, and telecommunication products. It's distribution network encompasses emerging markets in Asia, Africa and the Middle East, and accesses over 15,000 points of sale. Founded in 1984, the Group is headquartered in Singapore and distributes a wide range of well-established brands such as Nikon, Apple, Acer, Casio, Noritsu, Tag Heuer, Dior, Fendi, Corum, Parker, Waterman, Papermate, Titan, Linksys, Tripp Lite, Olympus, Samsung, Asrock and Foxcomm.

Joyas International Holdings Limited Launches SGX Mainboard IPO

Joyas International Holdings Limited (Joyas), an Asian market leader in the gift and premium industry, registered its prospectus today with the Monetary Authority of Singapore (MAS) as part of its plans to list its shares on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST). Headquartered in Hong Kong, Joyas is principally engaged in the design, packaging and sale of premium metal gift products as well as jewellery products.

The Invitation

The invitation of 28.8 million ordinary shares priced at S$0.29 comprising of 22.8 million New Shares and 6.0 million Vendor Shares (Invitation shares) represents about 26.79% of Joyas’ enlarged share capital of 107.5 million Shares. Of the 28.8 million offer shares, 1.0 million shares will be offered by way of public offer and the remaining 27.8 million Shares will be offered by way of placement including 500,000 reserved shares for its business associates and employees as well as those who have contributed to its success.

Based on the Group’s net profit after tax of HK$22.1 million for FY2006, Joyas is priced at a Price-To-Earnings Ratio of 5.7 times, based on a pre-invitation share capital of 84.7 million shares.

The offer will close at 12.00 noon on 11 March 2008 and trading of shares is expected to commence at 9.00 am on 13 March 2008.

Use of proceeds

The Group plans to use the net proceeds of approximately S$ 4.6 million from the issue for the following purposes:

Approximately S$ 1.0 million to fund the expansion of machinery and equipments;

Approximately S$ 1.0 million for additional advertising and promotional activities;

Approximately S$ 1.0 million to enhance their design and development capabilities;

The balance of S$ 1.6 million to be used as working capital to finance its continued growth and development.

Strong suite of design, engineering and manufacturing capabilities

Joyas enjoys an established track record for creating new, innovative trend-setting designs and products. Their product design team produces an average of approximately 30 new designs per month, with approximately 20 new designs put into production every month.

Joyas is able to provide their customers with comprehensive solutions to their product requirements, including animated designs, production of prototypes, engineering specifications, alternative designs and price options within 24 hours.

To date, they have launched more than 3,600 designs for their metal gift products, with proprietary copyrights over these designs.

Clientele comprises established international brands

Joyas designs premium metal gift products for international, established brands and designer labels like Folli Follie, Lamborghini, Wedgwood, Aquascutum London and Marks & Spencer. The Group is also engaged in the co-development of new product designs with these customers so as to enhance their product range to meet changing preferences of consumers.

Approximately 79.0% of Joyas’ revenue in FY2006 came from repeat customer orders.

Own proprietary brand name "Argent"

Joyas also sells their metal gift products under its own proprietary “Argent” brand name. This brand name, developed to tap into the Asia Pacific metal gift products market has its products sold through franchisees in Hong Kong and the PRC (namely Shanghai, Chengdu and Shenzhen). Joyas is thus able to reach consumers directly through its “Argent” brand name.

Financial performance

For the last three financial years ended 31 December, Joyas’ revenue grew from HK$138.5 million in FY2004 to HK$155.1 million in FY2006, whilst profit after tax rose in tandem from HK$19.4 million in FY2004 to HK$22.1 million in FY2006.

Prospects

  1. Industry Consolidation The prices of raw materials like zinc alloy and brass in FY2007 had nearly tripled compared to FY2003, and thus have caused a number of smaller players to have gradually left the industry. This puts Joyas in a good position to capture some of the market share of these smaller players. Although the prices of zinc alloy and brass are expected to stabilise in current financial year, the Group is considering cheaper alternatives for raw materials, such as steel and aluminium.
  2. Rise of consumer spending in the PRC Fuelled by the growing middle class in its developing cities, consumer spending in the PRC is expected to increase in the foreseeable future. In tandem with this trend, the Group expects the demand for metal gift products, jewellery products and packaging and other items in the PRC to increase and has thus identified the PRC as a growing market for its products.
  3. Growing demand from luxury brands for metal accesories A growing demand by European luxury brands for metal accessories, such as accessories for handbags and cosmetic casings also presents Joyas with the prospect to explore new business opportunities in this growing market. The Group has also identified a trend of international brand names such as “Lamborghini” seeking to leverage on their brand name to expand their product range to include items such as metal gift products. The initial public offering (IPO) by Joyas is subject to, inter alia, the registration of the final prospectus with MAS (“Prospectus”). Copies of the Prospectus and the accompanying application forms will only be made available when the IPO is made. Anyone wishing to subscribe and/or purchase the shares of Joyas will need to make an application in the manner set out in the Prospectus. Subscription for and/or purchase of Joyas’ shares shall be made on the basis of the information contained in the Prospectus. Westcomb Capital Pte Ltd is the Issue Manager for the IPO of Joyas and Westcomb Securities Pte Ltd is the Underwriter and Placement Agent.

CEO's Walk The Talk

“..With more industrial products in our portfolio, we are now able to achieve a more balanced business mix between our industrial and retail products. This prevents us from being over-reliant on our retail products as a revenue source. Looking ahead, we will continue expanding into potential products under both retail and industrial segments for long-term sustainable growth.

Our continuous efforts to improve on our product quality, production processes and brand equity have not gone unnoticed. In 2006, we received many prestigious accolades awarded by industry bodies and authorities at both the national and provincial levels, affirming our position as a market leader in our industry.”

Meng Dequan
Chairman
Celestial NutriFoods Limited



Singapore's Most Promising Company Profile

Banyan Tree Holdings Limited is a leading manager and developer of premium resorts, hotels and spas in the Asia Pacific, with 23 resorts and hotels, 61 spas, 71 retail galleries and two 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 six 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).


 

 































 

Historical Price Data
 Date Open High Low Close
Volume  
28 Feb 2008 1.320 1.320 1.280 1.320
470,000
27 Feb 2008 1.320 1.320 1.290 1.300
476,000
26 Feb 2008 1.320 1.320 1.280 1.290
911,000
25 Feb 2008 1.390 1.390 1.300 1.310
1,158,000
22 Feb 2008 1.360 1.360 1.330 1.340
442,000

Fundamentals
Historial EPS ($) a
  0.03560
Rolling EPS ($) e
  0.02061
NAV ($) b
  0.4794
Historical PE
  36.517
Rolling PE f
  63.076
Price / NAV b
  2.712
Dividend ($) d
  -
52 Weeks High
  2.900
Par Value ($)
  n.a.
Dividend Yield (%) d
  -
52 Weeks Low
  1.260
Market Cap (M)
  989.823
Issued & Paid-up Shares c
  761,420,000
 
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

28 Feb 2008

Unaudited Results For The Fourth Quarter And The Full Year Ended 31 December 2007

28 Feb 2008

Sale Of Luxury Resort Dusit Laguna Villas Located At Cherngtalay, Thalang, Phuket

28 Feb 2007

Establishment And First Closing Of The Banyan Tree Indochina Hospitality Fund

28 Feb 2007

Full Year Operating Profits Up 10% To S$122.5 Million

28 Feb 2007

Analyst & Media Presentation - FY2007 Results Briefing




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