15 December 2008
Name Volume
GoldenAgr 515,525,000
China Hongx 193,941,000
CoscoCorp 170,084,000
IndoAgri 147,318,000
Noble Grp 134,564,000
Name Value
DBS 575,311,296
SingTel 306,871,078
UOB 286,682,157
SGX 237,074,410
Capitaland 223,645,004
Name Price Chg
OCBC Bk 5.1%NCPS 100 90.000 +5.000
GLD 10US$ 80.460 +4.560
OCBCCap 5.1%NCPS 100 86.000 +1.200
DBS 10.100 +0.950
CITYDEV 6.020 +0.770
Note: Weekly movement as at 12 December 2008
 
Singapore: Singapore GDP seen shrinking 1% in 2009
United States: New York – US downturn could be worst since 1940s.
Thailand : Bangkok – Thai economy seen growing 2% in 2009
Japan : Tokyo – Big crunch comes to Sony, 16,000 jobs to go
South Korea : Seoul – S Korean economy to recover from ’09: IMF
Olam : Olam buys back US$118m convertible bonds
Midas : Midas in 7.4m euro tram set deal

Raffles Education : Raffles Edu’s Chew has 32% direct stake

Jurong Tech
Joint Venture Agreement With Dewav (Holdings) Limited

Further to the announcement issued by the Company on November 12, 2008, the board of directors of the Company announced on December 12, 2008 that the Company had on the same day entered into a joint venture agreement (the “JVA”) with, inter alia, Deng Li, Wu Laiying and Lin Bo, (together the “Management Team”), Towin Investment Limited (“TIL”) and Dewav (Holdings) Limited (“Dewav).

Pursuant to the JVA and subject to various conditions precedents, inter alia,:

  1. The Company will transfer the entire shareholding in its subsidiary Jurong Hi-Tech (Suzhou) Co., Ltd. (“Jurong Suzhou”) to a newly incorporated Singapore subsidiary of the Company, Dewav Management Pte. Ltd. (“DMPL”);
  2. he Company will thereinafter transfer 30% of DMPL’s shares (the “Sale Shares”) to Dewav; and
  3. In consideration of the transfer of the Sale Shares, TIL (as defined hereinafter) shall transfer shares representing nine per cent (9%) in the capital of Dewav (the “Consideration Shares”) to the Company (the transaction hereinafter the “Proposed Transaction”).

The existing sole shareholder of Dewav is Towin Investment Limited (“TIL”) and after the completion of the Proposed Transaction, the Company will become a 9 per cent shareholder of Dewav.

Details..

Popular
Half Year Financial Statement

Popular Holdings Limited (the “Group”) reported that for the half year ended October 31, 2008, the Group turnover grew from $207.6m for the same period of last year to $211.3m, representing an increase of 1.8 per cent. The Group’s profit before tax ("PBT") decreased by 5 per cent from $13.0m for the first half of last year to $12.4m for the current financial period ended October 31, 2008.

The growth in Group turnover was mainly attributable to the increase of 4.6 per cent in the turnover of the retail and distribution division from $170.6m to $178.5m. The increase was largely due to the additional turnover contributed by new outlets and the improved performance of existing stores in Singapore, Malaysia and Hong Kong.

Details...

ASA Group
Asa Group Holdings Ltd's Subsidiary Shandong Asa Ceramic Co. Ltd - Listed As One Of The First Batch Of National Credit Information Enterprises In China

The Board of Directors of ASA Group Holdings Limited (“Company” or “ASA”) announced that its subsidiary, Shandong ASA Ceramic Co. Ltd (“Shandong ASA”) has been listed as one of the “First Batch of National Credit Information Enterprises” by the China Product Quality Association (“CPQA”).

Shandong ASA is certified by CPQA as one of the First Batch of National Credit Information Enterprises in China as Shandong ASA took the lead in the management and collection of credit information from suppliers, distributors and other cooperative entities.

Details...

Midas
News Release - Midas Secures EURO 7.4 Million (RMB 66.2 Million) Contract

Main Board-listed Midas Holdings Limited (“Midas”) announced on December 11, 2008 that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd (“Jilin Midas”) secured a EURO 7.4 million (approximately RMB 66.2 million) contract to supply aluminium alloy extrusion profiles (for 140 tram sets) for Alstom’s RS-Citadis Project.

The contract, which is to be fulfilled between FY2009 and FY2010, is expected to have a positive impact on the Group’s FY2009 and FY2010 results. “We are pleased to announce that we have secured yet another European contract, as this not only attests to the quality of our products in meeting the highest international standards, but will also allow us to continue penetration into the European market. Our close collaboration with Alstom Transport will also enhance our position as a niche supplier of aluminium alloy profiles of the global rail transport industry,” said Mr Patrick Chew, CEO of Midas.

Details...

Stamford Tyres
Financial Performance for 1H2009 and 2Q2009

Stamford Tyres Corporation Limited (Stamford Tyres) reported revenue of S$164.7 million for the half-year ending 31 October 2008 (1H2009). This is comparable to the revenue achieved for the same period in 1H2008.

Revenue for the second Quarter 2009 (2Q2009) was lower by 6.5 per cent to S$74.8 in the midst of the global economic crisis and a deteriorating business environment. Gross profit was higher by 6.1 per cent at S$38.8 million for 1H2009 while the 2Q2009 gross profit was higher by 9 per cent at S$19.9 million which was mainly due to an increase in the average selling prices of tyres to compensate for the weaker currencies against the US dollar.

Details...

Raffles Education
Proposed Scrip Dividend Scheme

Further to the Company's announcement on November 6, 2008, the board of directors of Raffles Education Corporation Limited (the “Company”) announced on December 10, 2008 that in-principle approval has been granted by the Singapore Exchange Securities Trading Limited on the same day for the proposed Raffles Education Scrip Dividend Scheme (the "Scheme").

Under the scheme, the directors of the Company (the “Directors”) may, whenever the Directors or the Company in general meeting have resolved that a dividend (including an interim, final, special or other dividend) be paid or declared on the ordinary shares of the Company (the “Shares”), resolve that Shareholders entitled to such dividend may elect to receive an allotment of Shares credited as fully paid in lieu of cash in respect of the dividend.

The implementation of the Scheme is subject to the approval of the Shareholders, and the Company will be convening an extraordinary general meeting to seek such approval on January 12, 2009.

Details...

Listed on the Mainboard of the Singapore Exchange, Raffles Education Corporation Limited (“RafflesEducationCorp” or “the Group”) is the largest private education group in Asia. Since establishing its first college in Singapore in 1990, the Group has grown to operate three universities and 22 colleges across nine countries in the Asia-Pacific region: Singapore, China, India, Vietnam, Malaysia, Thailand, Mongolia, Australia and New Zealand, with a total student population of over 30,000.

The Group also owns the Oriental University City in Langfang, Hebei Province, China – a 3.31 million square metres self-contained campus. Within this campus, there are 14 colleges with 35,000 students. RafflesEducationCorp ranks as one of the Top 200 Asia-Pacific companies on the Forbes Asia’s “Best Under a Billion” list for three consecutive years from 2006 to 2008.

For the first quarter ended September 30, 2008 ("1QFY2009"), the Group reported a net profit of S$31.8 million, a 100 per cent growth compared to the previous corresponding period. This was achieved on the back of a 36 per cent increase in revenue to S$53.2 million, attributed to the overall increase in student enrolment, an increase in course fees, as well as contributions from the Group's recent acquisitions. Mr Chew Hua Seng, Chairman and CEO of RafflesEducationCorp, said: "Our continued growth is the result of our strategies executed over the years."

The Group's balance sheet further strengthened, with cash and cash equivalents increasing to S$94.8 million as at September 30, 2008. The Group's net asset value per share and earnings per share also rose to 16.99 cents as at September 30, 2008 and 1.36 cents in 1QFY2009 respectively.

HISTORICAL PRICE DATA
 Date Open High Low Close Volume  
12 Dec 2008 0.530 0.565 0.530 0.560 18,942,000
11 Dec 2008 0.580 0.585 0.530 0.530 11,174,000
10 Dec 2008 0.575 0.610 0.575 0.580 24,642,000
09 Dec 2008 0.570 0.585 0.560 0.580 22,438,000


FUNDAMENTALS
Historial EPS ($) a
  0.04259		 Rolling EPS ($) e
  0.04984		 NAV ($) b
  0.1701
Historical PE
  14.088		 Rolling PE f
 12.039		 Price / NAV b
 3.527
Dividend ($) d
  0.042500		 52 Weeks High
 1.520		 Par Value ($)
   n.a.
Dividend Yield (%) d
   7.083		 52 Weeks Low
 0.410		 Market Cap (M)
  1392.064
Issued & Paid-up Shares c
   2,320,107,000		  
   
a Based on latest Full Year results announcement, adjusted for the current number of shares.
b Based on latest results announcement (Full Year, Half Year or Interim), adjusted for the current number of shares.
c Rounded to the nearest thousand. Updated on 07/11/2008. 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
g Based on latest results announcement (Full Year, Half Year or Interim), adjusted for the current number of shares. Cash value does not include bank loans or other borrowings.
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