31 March 2008      
Volume '000 
Weekly movement as at 28 March 2008
Jardine C&C
JMH 400US$
Lyxor China H 10US$
Shang Asia 2kHK$
Weekly movement as at 28 March 2008

Evraz Group SA : Inks lock-up agreement with Best Decade Holdings, a majority shareholder for Delong Holdings with regard to the acquisition of Delong.
M1 : Introduces new Sunsaver, SunSaver Plus and SunMax plans along with enhanced benefits and billing for per second use.
SGX : Enters $250 million sale and leaseback agreement for its Singapore headquarters at International Business Park
Creative Technology  : JVs with Norway-based Schibsted ASA to launch Singapore's first local search engine rednano.sg.
STATS ChipPAC : Looks to cease OTC trading of its American Depository Receipts soon after meeting its obligations to deliver shares under an employee benefit plan.
Nera Telecommunications : Wins $4 million worth of purchase orders for the supply, installation and maintenance of the IP network of a global telecom operator.
YHI International : Intends to expand its battery manufacturing business via the setting up of its own factory in China within 2 years.
Franklin Offshore : Looks to IPO in Singapore near the end of 2008.
Stratech Systems : Proposes a $60 million convertible note issue to raise capital for technological innovations.
Roxy-Pacific Holdings : Considers purchase of land parcel at Lorong N Telok Kurau for $21.97 million.
Pacific Star Group : Looks to establish Asia-based prime real estate property fund to attract European investors.
SIA : Raises fuel surcharges again after 5 increments last year in light of soaring fuel costs.
Allco Reit : Gets go ahead for due date extension of its $550 million loan from July 31, 2008 to December 31, 2009.


Tuas Power : Looks to utilise new owner China Huaneng Group's experience to build first coal-fired plant in Singapore worth $2 billion.
Pramerica Real Estate Investors (Asia) : Currently top bidder for Serangoon MRT station site at $800.9 million.
1st Software  : To initiate share consolidation exercise after its reverse takeover of Teambuild Corporation.
SP Ausnet :  Revises earnings forecasts upwards for 2008-2009 year in light of positive developments such as higher revenues and debt refinancing.
E3 Holdings :  Ceases subscription agreement with Pacific Capital Investment Management in light of concerns of shareholders over dilution of their shares.
Tee International :  Secures $109 million of contracts for electrical installations at the Marina Bay Sands Integrated Resort Development.
Asia Pacific Breweries :  Increases the production capacity at its Vietnam brewery plant by 50 per cent to meet demand.
Abterra Ltd :  To acquire a 49.9 per cent stake in Shanxi Loudong General Nice Coking and Gas Co Ltd for $180.92 million.
CapitaCommercial Trust :  Secures option from CapitaLand to acquire 1 George Street for $1.17 billion
Eastech :  Looks to list its Thai-distribution business segment on the Market for Alternative Investment on the SET.
CapitaLand :  To enter Vietnamese condominium development project in Ho Chi Minh City worth US$500 million with a partner in Vietnam.
Frasers Centrepoint Trust :  Looks to acquire 3 mall properties from parent company Frasers Centrepoint at $480 million funded from loans.
SingXpress :  Sells entire holding in Global Med Technologies for $3.25 million.


Derivative News


  • Singapore bank shares staged an impressive recovery last week along with the general market. Uncertainty however remains as some investors fear that write-offs from the US sub-prime loans have not abated and will affect the global economy further. Singapore banks with their stronger balance sheets are in a much better position to withstand any slowdown.

  • The bank shares are still hovering near the lower end of their recent trading range despite the rebound last week. Investors who expect the recovery to continue may want to look at DBS call warrant E2PW and UOB call warrant EZ2W.


Investor Relations Alert

City Telecom (HK) Limited, M1 And StarHub Form Consortium In Joint Bid To Build Singapore's Next Generation National Broadband Network

Hong Kong's City Telecom (CTI) and Singapore's M1 and StarHub today signed a Memorandum of Understanding (MoU) to jointly form a consortium to design, build and operate the passive infrastructure network capable of delivering ultra high broadband speeds for Singapore.

The consortium will jointly submit a bid that will meet all the criteria for the Infocomm Development Authority of Singapore’s Request-for-Proposal (RFP) for the Network Company (NetCo).

The Next Gen NBN is part of Singapore's Next Generation National Infocomm Infrastructure (Next Gen NII), formed to entrench Singapore’s Infocomm hub status and open the doors to new business and social growth for the country. Next Gen NII comprises complementary wired and wireless networks to ensure Singaporeans enjoy seamless connectivity.

StarHub, Singapore's second largest info-communication company, offers a full and diverse range of information, communications and entertainment services over its advanced fixed, cable, mobile and Internet platforms. Targeting both consumer and corporate markets, StarHub operates a full two-way 3.5G mobile network in addition to its GSM network, a nation-wide HFC network that delivers multi-channel cable TV services (including Digital Cable and High Definition Television) as well as ultra-high speed residential broadband services, and an extensive fixed business network that provides a wide range of data, voice and wholesale services. Launched in 2000, StarHub has become one of Singapore's most innovative info-communications providers, and the pioneer in 'hubbing' - the ability to deliver unique integrated and converged services to all its customers. StarHub is listed on the SGX-ST. Visit www.starhub.com for more information.

Midas Secures RMB61.9 Million Contract

Midas Holdings Limited (Midas) announced that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd (Jilin Midas) has secured a RMB61.9 million contract from its JV company Nanjing SR Puzhen Rail Transport Co., Ltd (NPRT) to supply aluminium alloy extrusion profiles for 41 train sets (1 train set = 6 train cars), an equivalent of 246 train cars, for the Shanghai Metro Line 10 project.

The contract, which is expected to be fulfilled between May 2008 and December 2009, will have a positive impact on the Group’s 2008 and 2009 financials.

In September 2007, the Group signed a Master Supply Agreement with NPRT, under which NPRT will procure aluminium alloy profiles from Jilin Midas for metro train projects that NPRT secures up till 31 December 2010.

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. The Group’s customers included MNCs and PRC state-owned companies such as ALSTOM Transport SA, Siemens Transportation Systems Group, CNR Changchun Railway Vehicles Co., Ltd, CNR Tangshan Rolling Stock Works, Nanjing SR Puzhen Rail Transport Co., Ltd, CSR Zhuzhou Electric Locomotives, 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 Metro Line 1 Project, Nanjing Metro Line 2 Project, 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 Rail Transport Co., Ltd, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts.

Boustead Subsidiary Awarded S$32 Million In Water Projects For Power Industry

Boustead Singapore Limited (Boustead or the Company) is pleased to announce that its wholly-owned subsidiary, Salcon Pte Ltd (Salcon) – a leading global specialist in water and wastewater engineering – has been awarded S$32 million in two separate contracts to design, engineer and construct water and wastewater treatment plants for mega power plants located in Indonesia and Singapore.

The two contracts are for the design, process engineering and construction of: i )Seawater desalination, demineralisation and wastewater treatment plants (collectively referred to as the Desalination Plant) for Toshiba Corporation (Toshiba) at PT Central Java Power’s Tanjung Jati B Power Plant (Tanjung Jati B) located at Java, Indonesia; and ii ) A de-mineralisation plant utilising reverse osmosis and electro-de-ionisation technology (the De-mineralisation Plant) for Samsung Corporation (Samsung) PowerSeraya Ltd’s (PowerSeraya) power plant located at Jurong Island, Singapore. Toshiba, the world’s largest power plant engineering corporation, will be undertaking the Stage 3 and 4 Expansion of Tanjung Jati B to add 1,320MW in power generation capacity to the existing 1,320MW power plant. As a key part of the Stage 3 and 4 Expansion, Salcon will deliver the Desalination Plant which will produce 20,160 m3/day of desalinated water for various power plant processes and 4,320 m3/day of high-quality boiler feedwater. In addition, 10,800 m3/day of wastewater from various power plant processes will be treated for safe discharge into the sea. The Desalination Plant is expected to be completed by December 2009.

In the second contract, the Demineralisation Plant will produce 3,600 m3/day of highquality boiler feedwater for PowerSeraya’s 800MW Co-Generation Combined Cycle Power Plant (Co-Gen CCPP) which will be jointly constructed by Samsung Corporation and Siemens AG. Capable of producing electricity and steam simultaneously, the Co-Gen CCPP was announced in August 2007 as a key component of PowerSeraya’s strategic move to transform itself into a full-fledged integrated energy company. The De-mineralisation Plant is expected to be completed by April 2009.

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

A-REIT To Acquire 8 Loyang Way 1 For $25.0 Million

Ascendas-MGM Funds Management Limited (the Manager), the manager of Ascendas Real Estate Investment Trust (A-REIT) is pleased to announce that A-REIT has signed a put and call option agreement (Option Agreement) to acquire 8 Loyang Way 1, a light industrial property for $25.0 million from Seow Khim Polythelene Co Pte Ltd (the Vendor).

The acquisition of the Property will be accretive to A-REIT’s DPU. The annualised pro forma financial effect of the acquisition on the DPU for the financial year ended 31 March 2007 would be an additional 0.03 cents per unit (1).

A-REIT is Singapore’s first listed business space and industrial real estate investment trust. It has a diversified portfolio of 82 properties in Singapore, comprising business and science park properties, hi-tech industrial properties, light industrial properties, and logistics and distribution centres, with a total asset of about S$3.6 billion. These properties house a tenant base of over 750 international and local companies from a wide range of industries and activities, including research and development, life sciences, information technology, engineering, light manufacturing, logistics service providers, electronics, telecommunications, manufacturing services and back-room office support in service industries. Major tenants include SingTel, C&P Logistics, Siemens, TT International, Honeywell, IHPC, Zuellig Pharma, LFD (Singapore), OSIM International, Venture Corporation, Federal Express, Freight Links Express, Johnson & Johnson, RSH, Infineon Technologies, Procter & Gamble and Hyflux.

Mercator Lines Secures Long Term Charter Contract With Leading PRC Shipping Conglomerate

Mercator Lines (Singapore) Limited (Mercator), announced that it has entered into a long term contract to charter out its upcoming gearless Post-Panamax vessel to a new Chinese customer, Hong Kong-based shipping company, Refined Success Ltd. (RSL). RSL is a subsidiary of PRC shipping conglomerate, COSCO (H.K.) Shipping Co., Limited (COSCO) – one of the largest dry bulk shipping companies in the world.

The Post-Panamax vessel, which has a cubic capacity of 92,500 DWT, will be chartered to RSL, guaranteed by CHS, for a period of approximately 35 to 37 months, at a fixed daily TCE rate of US$39,500. The charter period for the vessel is expected to start anytime between May 1, 2009 and September 30, 2009. The vessel was undertaken by Mercator on a time charter-in basis of US$25,300 per day for a period of five years and is expected to be delivered around June 2009.

This contract is anticipated to generate approximately US$42 million of gross revenue for Mercator over the next 3 years. Mercator, which commenced operations in 2005, has established a market presence in the Indian coal transport market, specializing in the transportation of dry bulk commodities such as coal into India from Australia and Indonesia, and iron ore from India to countries such as China, Japan and South Korea. With the strong support of its ultimate parent company, Mercator Lines Limited (MLL India), the second largest private sector shipping company in India (by aggregate fleet tonnage capacity), Mercator also provides its customers with complete and customized logistics solutions from the load port to the point of usage.

Ezra Seals US$77.6 Million Worth Of Charters Amidst Buoyant Offshore Market

Ezra Holdings Limited (Ezra or the Group), announced new and renewal charter contracts worth US$77.6 million for seven vessels. This latest batch of contracts require Ezra to charter five Anchor Handling, Towing and Supply vessels (AHTS), an Anchor Handling Tug and the Lewek Chancellor, the Groups heavy lift accommodation crane barge, to various parties for operation in Southeast Asia, India and Australia. The charters are for periods as long as 3 years, excluding options for extension.

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 self-propelled 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.



Bio-Treat Secures RMB66 Million BOT Project In Xuancheng City

Bio-Treat Technology Limited (Bio-Treat or The Group) announced today that it has secured a Build-Operate-Transfer (BOT) project (the Project) in Xuancheng City, Anhui Province, the People’s Republic of China (PRC). The Project involves the construction of a wastewater treatment plant capable of treating up to 50,000 tons of wastewater per day. The total investment cost of the Project is estimated to be approximately RMB 66 million and will be funded through the Group’s internal resources.

Under the terms of the contract, Bio-Treat will operate the wastewater treatment plant for 30 years, which includes the construction period. Thereafter, the plant will be transferred back to the government at nil consideration. The construction of the Project is expected to commence within the second half of the calendar year 2008, and is scheduled for completion 18 months after. Xuancheng City, where the new BOT project is situated, lies in the south-eastern part of Anhui Province, bordering Jiangsu and Zhejiang. Rich in natural resources, Xuancheng city spans an area of 12,340 square kilometres and houses a population of 2.75 million. Due to its geographical advantage with the Nanjing, Hangzhou, Hefei and Huangshan airports just 200 kilometres away, Xuancheng city serves as a link-up between the developed eastern and coastal areas and the developing inland regions.

Over the years, the city’s economy has experienced remarkable advancement, further accelerated by its integration with the developed Zhejiang, Jiangsu and Shanghai provinces1. It has also attracted many industries including electronics, automobile parts, agricultural products, textile, metallurgical, pharmaceutical, and building materials, to set up operations in Xuancheng city.

As the new Xuancheng BOT project is located close to Bio-Treat’s two other BOT projects in Nanjing City3, Jiangsu Province, Bio-Treat will be able to leverage on the economic efficiencies of developing and operating three BOTs projects in close proximities to one another in order to lower costs. The involvements in these BOT projects will also enable Bio-Treat to capitalize on its internal resources in project management and engineering to secure more contracts in the area.

Listed on the Main Board of the Singapore Exchange in February 2004, Bio-Treat Technology Limited is one of the PRC’s leading companies in the development and application of biotechnology for the treatment of waste and wastewater. Bio-Treat has successfully developed the BMS Biological Process Technology (BMS Technology) – a unique and proprietary application of biological processes for waste and wastewater treatment. Since its first trial in 1993, the BMS Technology has been applied to over 500 wastewater treatment projects in the PRC from residential to commercial and industrial projects. The waste and wastewater treated by the BMS Technology meet the effluent standards set out by the State and local Environmental Protection Administration in the PRC.

AusGroup secures A$12 Million Contract For Construction Manning Services

AusGroup Limited (AGL or AusGroup or the Group), an energy and resources specialist is pleased to announce the award of a A$12 million contract. This brings the total order book till date to more than A$190 million.

AusGroup will collaborate with an unnamed international offshore construction services client in support of the construction work on the Montara offshore oil field development project located off the north-west coast of Australia. AusGroup will supply supervision and labour to the client for the offshore installation of a production platform topside, jacket and offshore pipeline. The value for this contract is A$12 million. The work is scheduled to commence in April 2008 and will be completed by October 2008.

This contract provides AusGroup with exposure to the offshore construction services sector in Australia. AusGroup’s ability to recruit specialist offshore personnel and manage associated safety and industrial relations issues strengthens the Group’s ability to secure additional offshore construction services related contracts.

AusGroup Limited is a mainboard-listed energy & resources specialist. It is primarily based in Australia, where it is a dominant player in the supply of total engineering solutions, which includes fabrication, mechanical installations and maintenance. Being involved in the building, maintaining and upgrading of infrastructure, plant and equipment used in the extraction and processing of energy & resources, AusGroup is well positioned to benefit from the increasing capital investments in these industries. Through its acquisition of Cactus Engineering, AusGroup has established a presence in Singapore, which will be used as a platform to more regional growth.

OKP Starts Work To Widen Central Expressway

Following the Land Transport Authority’s recent unveiling of its plan to widen and improve the Central Expressway (CTE), OKP Holdings Limited said today that it has begun work on Phase 1 of the works.

The CATALIST-listed infrastructure and civil engineering firm is the first contractor to be awarded a road-widening contract in relation to the Government’s plan for the CTE. The company, through its wholly-owned subsidiary Or Kim Peow Contractors (Pte) Ltd, secured a $16.86 million contract to widen the stretch of the CTE between Ang Mo Kio Avenue 1 and Ang Mo Kio Avenue 3. It will be adding a lane in each direction along the 1.5 km stretch. Work is expected to be completed by end- August 2009.

In conjunction with the road-widening, the company will also be undertaking works such as the completion of retaining wall, piling, pedestrian overhead bridge, road resurfacing, drainage system, earthworks, pipe culverts across expressway and slip road, re-siting and reconstruction of existing EMAS and guardrails. OKP is a leading home-grown infrastructure and civil engineering company in the region, specialising in the construction of airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and arterial roads. In the past two years, the company has taken on projects in the oil and gas sector, providing civil construction work for petrochemical plants and oil storage terminals.

OKP Holdings Limited is a leading home-grown infrastructure and civil engineering company in the region, specialising in the construction of airport runways and taxiways, expressways, flyovers, vehicular bridges, urban and arterial roads. It was listed on the Singapore Exchange of Singapore Dealing and Automated Quotation System (SESDAQ), now renamed CATALIST, on 26 July 2002. Established in 1966 by Founder and Chairman, Or Kim Peow, OKP has two core business segments, Civil & Building Construction and Road Maintenance. The Group tenders for both public and private civil engineering and infrastructure construction projects, which involve the construction of urban and arterial roads, expressways, vehicular bridges, flyovers, airport infrastructure and oil & gas related infrastructure for petrochemical plants and oil storage terminals as well as the maintenance of roads and roads related facilities and building construction-related works.

KS Energy Secures US$130 Million Time Charter Contract

KS Energy Services Limited (KS Energy or the Group) today announced that it has secured a firm 3 years drilling contract in excess of US$130 million for the charter hire of a 300 feet drilling jackup rig.

The contract is for the charter of the “KS MedStar-1”, a 300-feet cantilever drilling jack up rig. The KS MedStar-1 will serve drilling activities in the Mediterranean Sea for a firm contract period of 3 years plus a renewal option for one year. If the renewal option for one year is exercised, the value of the contract will be increased to US$175.2 million.

Acquired in July 2007, KS Energy expects to take delivery of this rig in March 2008. The funding for the acquisition of the rig will come from a combination of debt financing and internal financial resources. Both KS Energy and Atlantic Oilfield Services Ltd (“AOS”) (its wholly owned subsidiary) collaborated to secure this contract. The execution of the drilling contract will require KS Energy and AOS to combine their extensive rig chartering, drilling, operating and management experience and expertise.

KS Energy Services Limited (KS Energy) is a leading one-stop energy services provider to the global oil & gas (O&G) and petrochemical industries. The shares of KS Energy are traded on the main board of the Singapore Exchange. The core activities of KS Energy are in the distribution and capital equipment charter and services. For it distribution business, KS Energy ranks as one of the leading distributors of oil and gas equipment, spare parts, consumables and industrial products in the region. Together with Aqua-Terra Supply Co., Limited (Aqua-Terra or ATS) and SSH Corporation Ltd (SSH), the KS Energy group distributes more than 60,000 oil and gas related products comprising more than 140 international brands of products. Following the acquisition of Atlantic Oilfield Services Ltd (AOS) in May 2007, KS Energy now has the capability to supply, as well as operate capital equipment, including on-shore and off-shore rigs. Integrating the twin capabilities of AOS and KS Energy, the group now has the ability to provide a full suite of services directly to the oil and gas companies, tendering for high value and high margin projects. Currently, KS Energy has a fleet of 20 capital assets. Headquartered in Singapore, it has a geographical reach spanning South East Asia, China, the Middle East, the North Sea, Europe and the USA.

CEO's Walk The Talk

“…Our foundation of high operational efficiencies and strong cost control, has served us well in this increasingly competitive industry. To maintain our lead in the market, we will continue to strive for greater efficiency and better cost management - so as to put us in good stead against competition, even during lean times. We do not only want to overcome challenges, but also set new ones for our competitors.”

Chan Hian Siang
Chief Executive Officer
SP Chemicals Ltd

Singapore's Most Promising Company Profile

Marco Polo Marine Ltd is a growing integrated shipping group, principally engaged in the businesses ship chartering business, which includes the provision of chartering, re-chartering and transhipment services of tugboats and barges to our customers; as well as the shipyard business, which includes the provision of building, repair and broking services of tugboats and barges. With plans to equip the company with ship repair, maintenance and conversion capabilities in its shipyard, there will be further integration between the company’s ship chartering and shipyard operations.




Historical Price Data
 Date Open High Low Close
27 Mar 2008 0.270 0.270 0.250 0.250
26 Mar 2008 0.235 0.240 0.235 0.240
25 Mar 2008 - - - -
24 Mar 2008 0.200 0.240 0.200 0.240
20 Mar 2008 - - - -

Historial EPS ($) a
Rolling EPS ($) e
NAV ($) b
Historical PE
Rolling PE f
Price / NAV b
Dividend ($) d
52 Weeks High
Par Value ($)
Dividend Yield (%) d
52 Weeks Low
Market Cap (M)
Issued & Paid-up Shares c
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 01/11/2007. 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


30 Jan 2008

Results Of Annual General Meeting Held On 30 January 2008

21 Jan 2008

Marco Polo Marine Forges Strategic Alliance With ST Shipping And Transport Via A 50:50 Joint Venture Arrangement And Confirms Vessel Building And Supply Contracts Of S$34 Million

21 Jan 2008

Establishment Of A Joint Venture Arrangement

29 Nov 2007

Marco Polo Marine Achieves Record Full Year Net Profit

29 Nov 2007

Full Year Financial Statement And Dividend Announcement

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