Singapore Analyst Research Reports

City Development

2008-10-14T22:54:00.000-07:00

Corporate Profile

A property pioneer since 1963, City Developments Limited (CDL) is a listed international property and hotel conglomerate involved in real estate development and investment, hotel ownership and management, as well as the provision of hospitality solutions. With a global presence in gateway cities across Asia, Europe, North America and New Zealand/Australia, CDL has more than 250 subsidiaries and associated companies together with 5 listed companies on notable stock exchanges. Backed by a track record of over 22,000 luxurious and quality homes to its name, CDL’s properties are synonymous with prestige, good value, outstanding quality and a choice investment. CDL is one of the biggest landlords in Singapore with over 4 million square feet of lettable office, industrial, retail and residential space. It also owns one of the largest land banks amongst private developers with over 4.5 million square feet that has the potential of being developed into more than 9 million square feet of gross floor area. CDL strongly advocates a “Safe and Green” culture and has strict adherence to its Environmental, Health and Safety (EHS) policy which was instituted in 2003. CDL was the first private property developer in Singapore to be awarded the ISO 14001 (Environmental Management System) certification by the Building and Construction Authority for its commitment to raising environmental standards in its projects and incorporating eco-friendly features into its developments. CDL also received the OHSAS 18001 (Occupational Health and Safety Management System) certification for establishing an EHS policy to monitor the environmental impact of its operations and improve workplace safety. In managing its investment properties, CDL was also the first private property developer in Singapore to be awarded the ISO 14001 and ISO 9001 (Quality Management System) certifications for 14 of its commercial buildings. Millennium & Copthorne Hotels plc (M&C), the London-listed international hotel arm of CDL, is a dynamic hotel group that owns and operates over 110 hotels in 18 countries around the world, with a number of them being located in major gateway cities. CDL also has a dedicated subsidiary, the Hong Kong-listed City e-Solutions Limited, which provides technology solutions for the global hospitality industry. Beyond its business operations, CDL believes in giving back to the community. It remains committed to an extensive range of Corporate Social Responsibility (CSR) programmes aimed at caring for the needy, raising awareness about the environment, nurturing the youth and promoting the arts. For its sustained commitment and outstanding contributions to the community and the environment, CDL was conferred the prestigious President’s Social Service Award and President’s Award for the Environment in 2007. It has also been listed on the coveted FTSE4Good Social Responsibility Index since 2002.

Global Presence

Shareholding Structure

Corporate Video

Analyst Reports

CIMB GK
-- Realising value from huge asset base 26/06/2008, Benefiting from good market timing 14/08/2008, Feedback from CIMB-GK Singapore Corporate Day 21/08/2008
Citi
-- Buy : Divesting Hotel in Seoul at Double cost 24/06/2008

Deutsche Bank
-- M&C to divest Millennium Seoul Hilton for S$602 million 25/06/2008

DMG & Partners
-- A Sense of Ambivalence 24/06/2008

DBS Vickers
-- Summer in the City 14/08/2008

Macquarie Securities
-- Too much, too fast 25/07/2008

Morgan Stanley
-- Research Tactical ideas 26/06/2008

UBS
-- Q208 EPS flat QoQ, 9% above UBS estimate 14/08/2008

CapitaLand

2008-10-09T04:23:00.000-07:00

Company Background

CapitaLand Limited ("CapitaLand") was created from the merger of Pidemco Land and DBS Land in November 2000. CapitaLand was listed on 21 November 2000 while DBS Land was delisted on 27 November 2000. CapitaLand is the largest real estate company in Southeast Asia by market capitalisation. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific, Europe and the Gulf Cooperation Council (GCC) countries.
The company's real estate and hospitality portfolio spans more than 110 cities in over 20 countries. CapitaLand leverages on its deep real estate domain knowledge, significant asset base, financial skills and extensive regional network to develop real estate financial products and services in Singapore and the region.

The listed subsidiaries and associates of CapitaLand include:
1. Australand - listed on both the stock exchanges in Singapore and Australia
2. CapitaMall Trust – Singapore’s first Real Estate Investment Trust (REIT)
3. CapitaCommercial Trust – Singapore’s first commercial REIT
4. Ascott Residence Trust – Singapore’s first pan-Asian serviced residence REIT
5. CapitaRetail China Trust - Singapore's first pure-play China retail REIT

Group Structure

Source : Capitaland website

Analyst Reports

CIMB GK
-- Beyond its sum-of-parts 27/09/2007, Decent results but weighted-down valuation 25/02/2008, Less exposed to Singapore offices 19/03/2008, Acquires 62% of Sungei Wang Plaza 26/06/2008, Masked by fair-value gains 04/08/2008, De-rating on all fronts 10/09/2008

Citigroup
-- Sell : Trading S$7.6bn above latest NAV 22/02/2008, Sell : Disappointing earnings,TP lowered 01/08/2008, Sell : Eroding Margins and risks of provisions 04/09/2008

Credit Suisse
-- Record profits on record divestment gains and asset revaluations 25/02/2008, 1Q08 hit by absence of one-off gains, and disappointing residential earnings 02/05/2008, Australand's 1Q08 profit fell 79% on asset write-downs; rights issue at steep discount 30/07/2008

Deutsche Bank
-- Voluntary offer for the Ascott Group 07/01/2008, Further details on the voluntary offer for Ascott 08/01/2008, Capitaland to sell One George street to CCT 27/03/2008, Company Alert : Australand's rights issue and Target Price revision 29/07/2008

DBS Vickers
-- Singapore Company Focus : Slower core earnings 04/08/2008

Goldman Sacs
-- Record PATMI amidst all cylinders firing; reiterate buy 22/02/2008

JP Morgan
-- Corporate action : down, under 30/07/2008

Kim Eng
-- "Dong" deals Galore 05/12/2007, A full embrace of Ascott 14/02/2008

Lehman Brothers
-- Base case revision lifts estimates....30/04/2008

Macquarie Securities
-- Privatising Scotty 08/01/2008, Well positioned 17/03/2008, NAV cut but still solid 25/07/2008

Merrill Lynch
-- A Commendable 1H07 31/07/2007, Short term uncertainty may present long term opportunity 22/02/2008

Morgan Stanley
-- Privatisation of Ascott Group 08/01/2008, Diversity does not give immunity amid a global slowdown : Remain E-W 25/02/2008, OGS Sale - Slightly disappointing 27/03/2008

UBS
-- Is the centro contagion warranted? 18/12/2007, Final results; 7% ahead; now $5.7bn in cash 22/02/2008, Q1'08 results; earnings volatility shouldn't distract from consistent NAV growth 30/04/2008, ALZ deal highlights funding constraints 28/07/2008, H108 result; cash-up but still cautious 01/08/2008

UOB KayHian
-- PATMI down 85% yoy on low earnings recognition from residential segment and Australand 04/08/2008

Cosco Corp

2008-09-10T21:32:00.000-07:00

Company background

COSCO Corporation (Singapore) Limited ("COSCO" or the Company) has the largest Ship Repair, Ship Building & Marine Engineering operation in China. A diversified group with activities also in the Dry Bulk Shipping, Shipping Agency and other sectors, it is the SGX Mainboard-listed subsidiary of China Ocean Shipping (Group) Company ("COSCO Group"), China’s largest shipping group and one of the top shipping conglomerates in the world.
COSCO has achieved significant progress in growing its Ship Repair, Ship Building & Marine Engineering capacities and capabilities. The completion of its acquisition of a 51% stake in the largest shipyard in China, COSCO Shipyard Group ("COSCO Shipyard"), on 1 January 2005 had propelled COSCO into the premier league in the ship repair industry. COSCO is poised to continue in its dynamic growth momentum for further breakthrough in its core businesses and global coverage. The Company is a component stock of the Straits Times Index (since 1 March 2004), constituent of the London benchmark FTSE All-World Asia Pacific (Ex-Japan) Index (since 19 March 2004) and MSCI Singapore (since 1 June 2005). In October 2006, the Company has been included as a component stock of Prime Partners China Index – the first index that tracks the performance of China enterprises listed on the Singapore Stock Exchange.

Cosco Corporation business consist of (1)Ship repair, Ship building and Marine engineering services; (2) Dry bulk shipping; and (3) Shipping Agency.

(1)Ship Repair

Through COSCO Shipyard, Cosco Group owns and operates five major shipyards in China, all strategically located along China's coast in close proximity to the main shipping routes. Sited in the Dalian, Nantong, Shanghai , Zhoushan and Guangzhou regions, the shipyards boost COSCO’s leadership position in China's ship repair sector. (2)Dry Bulk Shipping

Cosco Group’s Dry Bulk Shipping business is undertaken by our wholly-owned subsidiary, COSCO (Singapore) Pte Ltd. COSCO (Singapore) operates a fleet of 12 dry bulk carriers with a total combined carrying capacity of 698,306 dwt. The fleet transports dry bulk cargo such as grain, iron ore, coal, steel, cement and fertiliser along international routes mostly in a tramping capacity between major ports in China, USA, South America, Europe and South Africa. COSCO (Singapore) charters its ships out to shipping companies. Its customers are mainly large, established international shipping companies based in Germany, Norway, Denmark, Greece, Switzerland, UK, USA and other countries.

Shipping Agency

70% owned by the Company, Costar Shipping Pte Ltd solely represents the entire COSCO Group fleet that calls at Singapore.
Costar Shipping canvasses for cargo from existing and potential clients to ensure that the COSCO Group's vessels transiting through Singapore are loaded to maximum tonnage capacity. In addition, Costar Shipping provides agency services for full container and breakbulks. These include document preparation, collection of freight, cargo operation, vessel husbanding, customs declaration, port authority coordination, administration and settlement of cargo claims, transshipment management, bunkering services and container handling. The agency handles virtually all types of containers. Costar Shipping also offers value-added services such as the recommendation of trucking, freight forwarding, stuffing, container depot, warehousing and storage services.
Coslink (M) Sdn. Bhd. functions as the general shipping agent in Malaysia for the COSCO Group's entire fleet of ships, and provides the same comprehensive range of services as Costar in Singapore.

Cosco Corp Annual reports, Webcasting, Announcements, & RSS Feeds.

Analyst Reports

CIMB GK

-- Winning in bulk 11062007; Heavier weight 25092007; Secular winner on abundant yard space 11012008; The good and the bad 10042008; Steel Manageable 14072008; Deliveries on track 05082008; Management reshuffle but operations intact 08082008; Steel price peaked? 02092008;

Citigroup

-- Jump for joy or cause for concern 22052007; Downgrade to sell : More questions than answers 11042008; Buy : A firmer footing with sevan 15072008; Buy : Will 2Q08 provide the catalysts? 30072008; Buy : 2Q08 surges ahead of expectation 04082008; Buy : Key highlights from HK NDR 20082008

Credit Suisse

-- Contract by contract review confirms that market reaction is disproportionate to the event 11042008; Key takeaways from management meetings 16042008; Stock bounces 23% from bottom, new order likely from China 24042008

DBS Vickers

-- Company Focus 27082007; Clearing the air 07032008; Expanding the ship repair and offshore engineering capacities 22042008

DMG

-- Offshore Marine - the next phase of growth 24042008

BNP Paribas

-- Into strong headwinds 11042008

JP Morgan

-- Pricing in potential headwinds - valuations remain attractive 24032008; Cautious on management credibility but downside appears limited 10042008; Sevan drilling units reignite contract momentum - Alert 11062008

Kim Eng

-- A sudden rush of blood 03102007; Top Ideas 17012008; Execution execution 23042008

Lim & Tan

-- Could have been more forthcoming 14042008

Merrill Lynch

-- Still growing 31072007; Dominating 21082007; Weak 1H FY07 results, we remain cautious 23082007; FY07 above expectations, reiterate buy on lower PO 21022008

Morgan Stanley

-- Lower than expected 1Q07 results, remain bullish on long-term earnings 03052007; Order cancellation, only just the beginning 09042008; Shipyard tour: Capacity is not the issue 20042008; Down but not out 22042008

Nomura

-- Forum Flash 04122007; Making room for growth 08012008; Teething pains : contracts won and "un-won" 11042008; Netting the Octabuoy hull job 23042008

UBS

-- Healthy growth but keep an eye on costs 22022008; What is the impact on valuations if we use conservative estimates? 02052008; Lowering shipyard estimates 05082008

UOB Kay Hian

-- Offshore to be the focus of 2008 27022008; Highlights from shipyard visit 2008 24042008

CH Offshore

2008-09-10T20:59:00.000-07:00

Company Background

CH Offshore was incorporated on 31 March 1976 as Mico Line Pte Ltd and in April 1976 became a wholly owned subsidiary of Chuan Hup Marine Pte Ltd. The present name was adopted in September 1990.
Under the Chuan Hup Group, our involvement in the oil and gas industry began in the early 1970s in Indonesia, the largest oil producer in South East Asia then. In the early 1970s, oil exploration and production activities started onshore with major customers being Caltex Indonesia in Sumatra, Tesoro in Tarakan and Unocal in Balikpapan. As oil production moved progressively offshore, our involvement increased to meet the demand and requirements of the oil producers. The consequential rise in demand for offshore support services led to an expansion to our offshore fleet. From 1981 to 1983, we acquired a total of 24 units of anchor-handling tug supply (AHTS) and maintenance vessels, and one tender assisted work-over rig.
Since then, in line with the development of the offshore oil and gas industry, our Group has continued to maintain a fleet of offshore support vessels which remain relevant to our customers' need. In the first half of 2002, Chuan Hup reorganized its business into offshore support services to the oil and gas industry, marine logistics services and transportation for the coal and other aggregate industries and other nonmarine investments. CH Offshore became the corporate vehicle to 'house' assets and companies of the Chuan Hup Group that provides offshore support services to the oil and gas industry.
The Company became a public limited company, changed its name to CH Offshore Ltd ("CHO") and was listed on the Singapore Stock Exchange by introduction on 28 February 2003. In October 2005, Habib Corporation Berhad (Habib), a public listed company on the Bursa Malaysia acquired 29.07% stake in CH Offshore from Chuan Hup Holdings Limited. Habib subsequently changed its name to Scomi Marine Berhad, refl ecting the change of ownership in the Company.
The CHO Group currently operates a fleet of 16 vessels, comprising fifteen AHTS and one maintenance vessels. It also co-owns two AHTS with Scomi Marine, enabling the Group to operate in Malaysia. The fleet includes one 12,240 brake horse power (bhp) AHTS vessel which was delivered during the financial year and currently operating in Australian waters. The Group has six sister vessels under construction in Japan with expected delivery from March 2008 to February 2010. These vessels are deepwater-capable and with its delivery would provide the Group with the diversity in products and capabilities to better service the customers.
Building on our strength and expertise, the Group has operations in a multitude of areas. Since 1980, we have served most oil majors and other customers in Malaysia, the Philippines, Brunei, Thailand, Vietnam, Australia and most recently the Middle East. With over 30 years of experience in almost every facet of offshore support services, we have forged excellent relationships with our customers through our firm commitment to quality, reliability and high service standards.

Analysts Reports

Kim Eng
-- Excellent Value emerging 09052007
-- Steaming Ahead 14082007
-- Charting a new course 23072008

UOB Kay Hian
-- Scomi Marine to divest its stake? 24072007

Company website : CH Offshore

China Hongxing Sports Limited

2008-07-24T21:47:00.000-07:00

Background

Established in 2000, China Hongxing Sports Limited ("China Hongxing" or the "Group") is one of the leading sports gear enterprises in the PRC. We are primarily engaged in the design, manufacture and sale of an extensive range of sports footwear, as well as the sale of a wide range of sports apparel and sports accessories. The Group successfully listed on the main board of the Singapore Exchange Securities Trading Limited in November 2005.
All our products are sold under our "Erke" brand name, which has won several awards and accolades in the PRC. Our products are distributed and sold via an extensive retail sales network spanning more than 3,250 point of sales across the PRC.
Our headquarters and sports footwear production facilities are strategically located in Quanzhou City, the PRC, which is widely acknowledged as the "shoe capital" in the country. Our current annual production capacity of sports footwear is approximately 17.9 million pairs of sports footwear. The manufacture of sports apparel, sports accessories and a portion of our sports footwear are outsourced to selected contract manufacturers who meet the stringent quality and design requirements of our Group.
We are actively involved in advertising and promotional activities to raise the profile of our "Erke" brand to consumers. We advertise our products regularly in print media such as magazines and newspapers, on television channels, and on the Internet. On the sponsorship front, in addition to sponsoring sporting teams in schools and association clubs, we are also actively engaged in the sponsorship of sporting events such as the Women's Tennis Association tour, which has helped enhance our brand visibility across the PRC.

Analyst Reports

CIMB
-- Next season's orders are in 04102007
-- Dilution and risk concerns priced in 11122007
-- Growth after the Olympics 27032008

Deutsche Bank
-- Stronger than expected trade fair sales - Upgrade to buy 23042008

DBS Vickers
-- A sprinting start to 2007 15022008

Kim Eng
-- Still a full tank 27092007
-- Too early to get excited 03122007
-- Company update 14042008

Nomura
-- Maintained Strong buy, anchor themes 11012008
-- Maintaned Strong buy, first look FY07 21022008

China Haida

2008-07-24T21:42:00.000-07:00

Background

China's leading aluminum composite panels manufacturer, China Haida Ltd. (formerly known as Comat Industrial Ltd.) produces Aluminium Composite Panels and Aluminium Single Panels for the construction industry, mainly for facades of modern office towers and other large buildings.

Analyst Reports

NRA Capital
-- Sell, Gross margins pulled down by higher aluminium prices 03032008

Westcomb
-- Review of FY07 results 27022008

China Fishery Group Limited

2008-07-24T21:23:00.000-07:00

Background

Listed on the Singapore Exchange Mainboard on 25 January 2006, China Fishery Group Limited (CFGL) is a global, integrated industrial fishing specialist with governmental rights to fish in some of the world's most important fishing grounds. Employing state-of-the-art supertrawlers, CFGL harvests, onboard processes and delivers high quality catch to consumers the world over.
In 2006, CFGL also established fishmeal processing operations in Peru ¨C the world's top producer country of wild-caught fish, as well as leading exporter of high quality fishmeal used extensively in aquaculture and animal feeds. To date, CFGL has fishmeal processing plants and purse seine fishing vessels deployed strategically along Peru's coastal areas, and ranks as one of the leading operators in Peru.
Riding on an ever-growing global demand for fish, CFGL is committed to continually securing access to this limited and valuable marine resource, and fulfilling consumer needs through sustainable fishing practices.

Analyst Reports

CIMB
-- On track for a good year 15052008
-- Headwind from fishmeal operations 15082007

DBS Vickers
-- Reaping in another harvest 05062007
-- Netting higher profits 15022008

Merill Lynch
-- 4th VOA restructuring to drive ratings trajectory 22052007

SBI E2-Capital
-- Plain Sailing 18022008

China Farm

2008-07-24T20:40:00.000-07:00

Background

The Company was incorporated in Singapore under the name of China Farm Equipment Pte Ltd and adopted its present name on 28 November 2006.The Group is principally engaged in the manufacture and sale of combine harvesters, plough machines and components, as well as diesel engines. Its presently manufacture 5 models of combine harvesters and one model of plough machine under our "Dragon Boat" brand and 21 models of diesel engines under its "Binhu" and "Dragon Boat" brands.The Group's products are sold mainly through its network of more than 260 distributors in more than 30 provinces, autonomous regions, municipalities and special administrative regions in China. In addition, its combine harvesters and diesel engines are exported to overseas markets namely Vietnam, Myanmar and Cambodia through its distributors located in China. It also export its diesel engines directly to a distributor in Bangladesh.

Analyst Reports

DMG & Partners
-- Ploughing ahead 29022008
-- Extension of farm loans provides upside 07042008
-- Increased subsidies will benefit CFE 23042008
-- Decent 1Q08 Results 15052008

UOB KayHian
-- 4Q07 : In line with expectation, outlook remains to be promising 28022008

China Enersave Limited

2008-07-24T19:49:00.000-07:00

Background

The Company was incorporated in Singapore on 27 September 1997 under the name of Enersave Holdings Pte Ltd and adopted the name of Enersave Holdings Limited when it went public on 8th July 1998. Headquartered in Singapore, China EnerSave is a renewable energy service provider.Since 2005, China EnerSave has been expanding its footprint in the renewable energy sector in China. The Group is supported by an internal Engineering division that designs, constructs, fabricates, installs, commissions, operates and requisites management competencies related to the energy industry.

Analyst Reports

DBS Vickers
-- A disappointing performance 1202008

China Diary Group Limited

2008-07-24T19:39:00.000-07:00

Background

Incorporated in Singapore on 7 May 1997, the Company is the investment holding company for the Group. The Group was established with Tien Seng Marble Pte Ltd in May 1987 as a stockist and specialist of premium quality marble and granite in Singapore.Subsequent to the acquisition of the entire and paid up capital of Silver Bridge International Group Holdings Pte Ltd and its subsidiary, Xi'an xinghua Biological Science & Technology Co.Ltd, in 2003, the TSM Group's primary business will also include the manufacturing and sales of milk products in China. In November 2004, the Group divested its marble and granite business, thereby completing its transformation into a professionally managed dairy company. China Dairy is the investment holding company for Yinqiao Biological and Technology Ltd (“Yinqiao”), a dairy company in China.Based in Xi’an, capital city of Shaanxi province, Yinqiao is a dairy producer in the Northwestern region of China, with its products being delivered to provinces and municipalities around China. Its operations include one liquid milk manufacturing plant and four milk powder processing plants in the provinces of Shaanxi and Xinjiang, both located in the Northwestern region of China.

Analyst Reports

DBS Vickers
-- A disappointment 03032008

OCBC
-- Caught between a rock and a hard place 13022008
-- Upgrading to hold 16042008

China Auto Electronics Limited

2008-07-24T19:35:00.000-07:00

Background

The Company was incorporated in Bermuda on 8 October 2003 under the name Snowcity International Holdings Limited and changed its name to China Transcom Technologies Limited in 2005. The Company changed its name from China Transcom Technologies Limited to China Auto Electronics Group Limited on 3 October 2007 following the completion of the merger with Tianhai Electric (Group) Corporation (“TEC Group”). The Group is primarily engaged in the design and manufacture of a wide range of telecommunication, data network and transportation communication products in the PRC. The Group also provides enhanced telecommunication services and digital maps and navigational services via the Internet for the automobile and automobile related industry.The TEC Group which became part of the Group following the merger is primarily engaged in the business of research and development, manufacture and sale of automobile parts. The main products of the TEC Group are wire harnesses and connectors used in automobiles. The TEC Group also manufactures and sells other products, being primarily crimping machines and moulds.

Analyst Reports

Westcomb
-- Plant visit note 10042008

China Animal Healthcare Limited

2008-07-24T19:29:00.000-07:00

Background

The Company was incorporated in Bermuda on 10 August 2000 under the name Colorland Animation Ltd and changed its name to China Animal Healthcare Ltd on 31 December 2007 following the completion of the acquisition of Evanton Pte Ltd.The Group is principally engaged in the manufacture, sale and distribution of animal drugs for poultry and livestock in China. The Group’s products are sold directly to animal drug retailers and large-scale poultry enterprises throughout China. As a value-added service to selected customers who meet their sales target or whom the Group is of the view has sales potential, the Group also provides technical and support services such as farming techniques and methodologies and to impart knowledge relating to animal health and treatment of animal diseases.

Analyst Reports

Morgan Stanley
-- Beneficiary of animal drugs and vaccine market growth 07042008

Westcomb
-- Plant visit note 18032008

China Essence

2008-07-24T19:16:00.000-07:00

Background

We are an integrated potato-processing producer in the PRC, engaged in the production, supply and sale of potato starch, potato starch-based products and potato by products. Our potato starch-based products include vermicelli, five-grain noodles and starch strips while by products include that of potato fibre and protein. Our production facilities are located strategically North Eastern region of China, one of the world’s prime potato farming areas. Production of potato starch takes place across our three primary locations – Lindian (Heilongjiang), Sui Ling (Heilongjiang) and Ahlihe (Inner Mongolia) Potato starch-based products are produced in Lindian, while our by products are produced in Ahlihe. Annual production capacity of potato starch and potato starch-based products stand at 180,000 tonnes and 22,000 tonnes respectively.
Currently, all of our products are sold within the PRC to our customers comprising mainly independent distributors who promote and sell our products through their own sales and distribution networks in designated regions in the PRC to end-users.
Our potato starch is used mainly by end-users in the food processing and catering industry and they include manufacturers of food products as well as restaurants and food outlets. Potato starch is used in a wide variety of applications. For example, our potato starch is used as a thickening agent in the production of sausages, ice cream, candy, beverages and pudding. In the production of noodles, macaroni and dumplings, potato starch is used to improve elasticity, pliability and texture and in the production of snacks such as potato chips, potato starch is used to enhance crispiness. Our potato starch is also used as raw material in some industrial markets such as textile and pharmaceuticals.
Other than being sold to our end-users through our sales network of distributors, some of the potato starch produced by us is used as raw material in the production of our potato starch-based products.
In August 2005, we completed market research on modified starch and in the same month, we entered into a one year agreement with a sub-contractor for the production of such products. We commenced sales of our modified starch in September 2005.
In addition to potato starch and potato starch-based products, we also produce by-products such as potato protein, targeted especially for the animal feed market as well as potato fibre, which is used as a high-grade animal feed.
We sell our products through our distributors’ sales and distribution networks covering 48 cities in 21 provinces and municipalities in the PRC. Our products are currently sold under our brand names of "碧港" and "东北".

Analyst Reports

DBS Vickers
-- Results in line 29052007
-- New capacities onstream 1302008
-- A strong year from new capacities 27052008

Phillips Securities
-- Spectacular growth 14022008

Kim Eng
-- Bumper harvest 14022008

SBI E2-Capital
-- Gearing up for bumper harvest 29052008

China Energy

2008-07-24T18:45:00.000-07:00

Background

China Energy is believed to be China's largest producer of Dimethyl Ether ("DME") based on our production capacity as of October 27, 2006. DME is an environmentally-friendly fuel with lower smoke emission rates compared to Liquefied Petroleum Gas ("LPG") and diesel.
Using a patented stet DME production technology, our production capacity of DME has increased to 600,000 metric tonnes per annum ("mtpa") at present, from 50,000 mtpa when production started in January 2004. We are capitalising on the growing demand for environmentally-friendly alternative fuel in the PRC, as China seeks to avoid over-dependency on oil imports.
We also produce Methanol, which is mostly used as a feedstock for in-house DME production, and the remaining primarily is sold to chemical companies in various regions in the PRC. Our production capacity of Methanol has also increased since production commenced in December 2003, from 80,000 mtpa to 250,000 mtpa at present. To enhance operating margins and to mitigate future price volatility from external Methanol sources, we plan to increase our Methanol capacity to 750,000 mtpa by end 2008.
With our facilities strategically located in Shandong and Guangdong Provinces, we target to increase production capacity of DME to 3.6 million mtpa by the end of 2009, through the expansion of current production facilities and the addition of new facilities in the cities of Zhangjiagang and Tianjin.

Analyst Reports

ABM Amro
-- All fired up 29052007

CIMB
-- Healthy volume driven-growth 14082007
-- Moving up the value chain 04122007
-- Spreads are widening 10012008
-- Still a key alternative choice for energy-thirsty China 12032008

Deutsche Bank
-- Expansion plan update 16072007
-- New capacity acquisition announced 27082007

Lehman Brothers
-- Rising risks of methanol squeeze 25092007

Merill Lynch
-- 1Q07 pleasant surprise 14052007
-- Expansion accelerated 24052007
-- Taking a more conservative stance; maintain buy 20092007
-- Improving methanol cost environment 11012008
-- Pricing in higher earning risks 18032008

Cheung Woh Technologies

2008-07-22T05:09:00.000-07:00

Background

Listed on the Singapore Exchange since December 2002, Cheung Woh has fully integrated manufacturing facilities in Zhuhai, PRC, plus operations in Malaysia and Singapore, to serve growing markets in those countries and across the world. We also have a technologically-advanced in-house precision tool and die making capability. Our principal HDD products are voice coil motor (VCM) plates, disk clamps, air combs and weight base, and we are one of the world's leading specialist manufacturers of VCM plates. Our precision metal stamping services include sheet metal and computer numerical controlled (CNC) machined components and sub-assembly. In Jiangsu Province, PRC, our joint venture, Tysan Precision Engineering (Suzhou) Co., Ltd, is engaged in the development, manufacture and sale of seat recliners, seat track adjusters and other precision automotive components. Value People: In order to be competitive on a global scale, our employees need to be world class. The company constantly invests in upgrading our employee's skills and abilities. We reward our employees according to company and individual performance. Products: We provide value-add to our customers by continuous improvements in product design and process in order to achieve better quality and efficiency. Our products reflect the effort that we put into each process. They shall be the best in terms of quality and competitiveness. Profit: Profit is the ultimate measure of a Company's efficiency without compromising our customers' needs. We strive to maximise shareholders' value by optimising our resources without compromising on our products' integrity.

Analyst Reports

SIAS Research

-- HDD player branching out to automobile 31032008

Chemoil Energy Limited

2008-07-22T04:50:00.000-07:00

Background
Chemoil is hunkered down in the bunker fuel distribution business. The company supplies marine bunker fuels to shipping companies worldwide. Chemoil operates refineries and terminals and distributes fuel from a handful of US ports (including New York and Los Angeles), and in Colombia, the Netherlands, Panama, and Singapore. The company supplies more than 4,000 vessels a year. Fuel is delivered mostly by tankers, barges, and tugboats owned and operated by Chemoil or its affiliates, which include AFT-Chemoil (Rotterdam) and Chemoil-ITC (Singapore). Chemoil is 50%-owned by Japanese trading company ITOCHU, which helps to fund its expansion. The remaining 50% is owned by president and CEO Robert Chandran.

Analyst Reports

CIMB

-- Singapore problems produce a forgettable quarter 13082007

-- Start of a better year? 07012008

-- CEO killed in helicopter crash 08012008

-- New chairman / CEO appointed 15012008

JP Morgan

-- Continuing the strategic vision : Michael Brandy appointed new Chairman & CEO 14012008

Kim Eng

-- Target US$0.545 07012008

UBS

-- CEO passes away 08012008

Chartered Semiconductor

2008-07-22T01:38:00.000-07:00

Background

Chartered is one of the world's leading semiconductor foundries. It provides comprehensive wafer fabrication services and technologies to semiconductor suppliers and systems companies. It focuses on providing foundry services to customers that serve high-growth, technologically advanced applications, in the communication, computer and consumer applications. The Company currently owns, or has an interest in, five fabrication facilities, all of which are located in Singapore. Its sixth fab, Fab 7, will be developed as the company's first 300-mm facility. The Company has service operations in 11 locations and in eight countries in North America, Europe and Asia.The Company was incorporated in Singapore in 1987. As of January 31, 2004, Singapore Technologies Pte Ltd through its affiliate, owns 60.28 percent of the outstanding ordinary shares. !n 1999, the Company was listed on Nasdaq as well as SGX-ST.

Analyst Reports

Citi

-- Is M&A on the cards? 14012008

-- Sell : Expect losses in 2008; keep an eye on the balance sheet 09012008

-- Buy : Product Mix shift key to upside surprise 02052007

-- Sell : Recovery prospect remain challenging 02102007

Credit Suisse
-- New fab purchase driving revenue, but not earnings yet 19022008

DBS Vickers
-- Hold on to your chips 30042007

HSBC
-- Sizing up new opportunities in 2008 and beyond 15062007

Macquarie
-- Price inflation is a good thing 30052008

Merill Lynch
-- Surprising drop in 90nm sales 30072007

OCBC
-- Reiterates muted 4Q07 outlook 14122007
-- Reiterates 1Q08 guidance 18032008

UBS
-- No quick fix 12022008
-- Needing better pick up in profitability 25042008

UOBKayHian
-- 2Q07 : Unfortunate Swing to Low-end products 30072007

ChangTian Plastics & Chemical Ltd

2008-07-22T01:27:00.000-07:00

Background

Changtian Plastic & Chemical Limited is principally engaged in the manufacture and sale of the following products:

1. Adhesive tapes
2. Release papers
3. BOPA film
4. 2-A2MPS

Their adhesive tapes, release papers and BOPA film are sold under our brand name "长天" and our 2-A2MPS products are sold under our brand name "欣长天".Our manufacturing facilities are located at 16 and 18 Xinsheng Road, Xinyang Industrial Zone, Haicang District, Xiamen City, Fujian Province, PRC 361026.(i) Adhesive TapesWe manufacture and sell a wide range of adhesive tapes for industrial, commercial and consumer uses. We manufacture our range of adhesive tapes by using different types of raw materials, such as BOPP film, crepe paper and kraft paper which exhibit various tensile strength as base material. By using different glue formulations, we are able to produce adhesive tapes with varying degrees of bonding strength and adhesiveness to suit our customers' requirements. We have a wide range of adhesive tapes which includes BOPP adhesive tapes and more specialized tapes such as double-sided oil based tapes.Their adhesive tapes are sold mainly to customers in the packaging, food and beverage, electronics, construction and shoe making industries.

OCBC
-- Ramping up production to meet demand 11122007

C&G Industrial Holdings Limited

2008-07-22T01:22:00.000-07:00

Background

The Company was incorporated in Bermuda on 24 September 2004. The Group manufactures and distributes PET chips and yarn products for the textile industry in China. The PET chips are fibre-grade PET chips and comprises bright PET chips, semi-dull PET chips and alkali-soluble PET chips. The various types of yarn products are pure polyester spun yarn, cotton and polyester blended yarn, viscose yarn and flame-retardant yarn. CG Tech places strong emphasis on research and development (”R&D”) and is constantly looking into augmenting its product range and improving its production process and techniques to keep at the forefront of its industry.The Group’s major customers are mainly chemical fibre and textile manufacturers based in the Fujian, Guangdong and Shandong Provinces of China. CG Tech’s operations are located in Longyan City, Fujian Province, which is situated at the intersection of Fujian, Guangdong and Jiangxi Provinces. Fujian and Guangdong are two of the principal hubs for the textile industry in China and many of its customers and suppliers are based there. Its close proximity to its customers and suppliers helps the Group to reduce logistics costs.The Group was renamed to C&G Industrial Holdings Limited on 8 May 2007.

Analyst Reports

CIMB
-- Padded by forex gains, again 12052008
-- Forex boost not enough to brighten the day 26022008

Kim Eng
-- A Prime Bargain 13092007
-- Glowing from within 16082007

Cerebos Pacific Limited

2008-07-22T01:18:00.000-07:00

Overview

The Company was incorporated on 3 September 1981 as a private limited company under the name Fession Pte Ltd. On 8 January 1982, the Company acquired public status, adopted its present name and became the Group's holding company. The subsidiary and associate companies are engaged principally in the manufacture, marketing and distribution of food products in Asia and Australasia. The Group's flagship product is the Brand's Essence of Chicken. Some of its other renowned product names are Woh Hup, Horleys, Gregg's and Yakult.In 1982, it was acquired by Ranks Hovis McDougall PLC, one of the largest British-based food manufacturer and distributor. In 1990, Suntory Ltd of Japan acquired a majority shareholding in the Company at $8.25 a share. Its ultimate holding company is Kotobuki Realty Co Ltd, a company incorporated in Japan.

Analyst Reports

CIMB
-- Tonic for turbulent times 30052008

DBS Vickers
-- Off to a firm start 12022008

CentraLand Limited

2008-07-22T01:14:00.000-07:00

Background

The Company, through its wholly-owned subsidiaries, Zhengzhou Huanghe Great View Royal Garden Co Ltd (郑州黄河大观有限公司) (“Zhengzhou Great View”) and Henan Jinzhi Establishment Co Ltd (河南金智置业有限公司) (“Henan Jinzhi”), is engaged in the development and sale of residential and commercial properties. Its subsidiaries, Zhengzhou Great View and Henan Jinzhi, are currently qualified to undertake projects with an individual GFA of up to 250,000 sq m and up to 100,000 sq m respectively. The Group’s portfolio of completed projects, projects under development, properties to be developed in the near future and land held for future development are currently all located in Zhengzhou City, Henan Province of China. As at the latest practicable date, the Group has an aggregate saleable GFA of approximately 160,828 sq m of completed properties, approximately 65,890 sq m saleable GFA of properties under development, approximately 245,000 sq m planned GFA of properties to be developed in the near future and approximately 1,406,880 sq m of land held for future development, with an estimated GFA of 2.9 million sq m. The Group has obtained the land use rights certificates in respect of each of its completed property developments, its properties under development, properties to be developed in the near future and land held for future development. In addition, the Company has approximately 12,386 sq.m. GFA of investment properties held for rental purposes. The Group is currently involved in two main property developments, namely:(i) Guoling Shanshui (果岭山水), a self-contained, high-end integrated property development; and(ii) J-Expo (金智万博商城), a commercial property project with retail and office units.

Analyst Reports

DMG
-- Crafting a niche in central China (Site visit) 30052008

Celestial Nutrifoods Limited

2008-07-22T01:05:00.000-07:00

Overview

Established in 1997, Celestial NutriFoods Limited is a leading manufacturer of soy protein-based food & beverage products. Nestled in the heart of the PRC's soybean agriculture base – Heilongjiang, the northern-most province of China, Celestial enjoys close proximity to the raw materials needed for the Group's production. All products are manufactured from locally-grown nongenetically modified soybeans purchased from local farmers or government stock houses.
Operating ISO9002 and NQA-certifi ed manufacturing facilities in Daqing City, the Group produces a wide range of soy protein-based food and beverage products under its "Sun Moon Star" (日月星) brand name, supplying quality products to both the consumer market and industrial users.
The Group's range of products covers both retail and industrial segments. Currently, the Group manufactures protein powders, canned protein beverages, soybean milk powders and high protein biscuits for the consumer market, while its industrial proteins and biochemical feedstuff are targeted at industrial users. Soybean oil and lecithin are marketed to both consumers and industrial customers. The Group's soy protein-based retail products are distributed in 29 provinces and over 150 cities in the PRC, reaching consumers through an extensive network of over 15,000 major local supermarket chains and international chains such as Carrefour. It also supplies a wide range of soy-based industrial products to the food and beverage manufacturers.
The operating ethos of Celestial is to provide products of the highest quality, and over the years, the Group has established a strong reputation as a reliable manufacturer of quality soy-protein based food products. Its "Sun Moon Star" brand is today a household name in most PRC cities. Given its premier position in the PRC's soybean-based product manufacturing industry, Celestial is the only soy protein-based product manufacturer in Heilongjiang Province invited to co-develop the fi rst phase of the Hi-Tech Soybean Zone project initiated by the Daqing Government in 2004. The Soybean Zone Phase 1 development has since been completed and operations commenced in June 2006. The new Soybean Zone facility has boosted Celestial's capacity from 53,000 tonnes to 214,700 tonnes per annum. It also enabled the Group to introduce three new products, namely soy functional protein, biochemical feedstuff and lecithin.
The Group prides itself in the ability to satisfy the needs of customers through the use of R&D and the development of its proprietary technology. Its strong in-house expertise has enabled the Group to produce protein powders that have a 20% higher protein concentration compared to other products available in the market.
In September 2006, the Group formed a joint venture with Daiki-Axis Co. Ltd. (株式会社大器爱科希斯) and Shanghai Nikki Environment System Inc. (上海日器环保设备工程有限公司) to produce biodiesel in the PRC.
In 2007, Celestial's brand "Sun Moon Star" (日月星) was awarded "Asia Top 500 Brands" (亚洲品牌500强) for its overall excellence and innovation in branding at the Second Asia Brand Ceremony (第二届亚洲品牌盛典). In addition, Celestial's Executive Chairman and CEO Mr. Ming Dequan (明德泉) received the prestigious "Asia Brand People of the Year" (亚洲品牌年度人物大奖) award, for his entrepreneurial spirit and visionary leadership.

Analyst Reports

CIMB
-- Strong retail business overlooked 12022008
-- Growth drivers intact despite soybean prices 07012008
-- Managing the margin pressure 07082007

DBS Vickers
-- Protein packed prospects 01102007

Merrill Lynch
-- Oversold on Soybean concerns 23082007

OCBC
-- Poised for a rebound 15022008

CDW Holding Limited

2008-07-22T01:00:00.001-07:00

Background

The Company was incorporated in Bermuda on 2 April 2004 under the name CDW Holding Limited.CDW Holding Limited is a Japanese-managed precision components specialist serving the global market focusing on the production and supply of niche precision components for :mobile communication equipmentconsumer, information technology and entertainment equipmentoffice equipmentelectrical appliancesCDW sells its products mainly to large Japanese corporations, including established component makers and OEMs, in the PRC and Hong Kong. Its customers in China include those Japanese corporations who have shifted their production facilities to China in order to reduce their manufacturing costs. CDW's production centres are located within the industrial and commercial belts in Shanghai, Suzhou and Dongguan, PRC. They also operate a clean room and a trading office in Hong Kong. Currently, it has 6 production facilities in China and Hong Kong. Its production facilities are located near their key customers in Matsusaka City, Mie and Yamato-koriyama City, Nara, Japan - the origin of CDW's business.

Analyst Reports

NRA Capital
-- Sank into losses on customer order relocation 12092007
-- Worst would be over; Upgrading to Hold 13032008

CDL Hospitality Trust

2008-07-22T00:45:00.000-07:00

Corporate Background

CDL Hospitality Real Estate Investment Trust is managed by M&C REIT Management Limited, an indirect wholly owned subsidiary of Millennium & Copthorne Hotels plc.M&C REIT Management Limited is responsible for the overall management and administration of the assets of CDL Hospitality Real Estate Investment Trust and for originating new acquisitions. M&C REIT Management Limited works closely with the master lessees of the hotels and/or the hotel managers to implement CDL Hospitality Real Estate Investment Trust’s asset enhancement plans. M&C REIT Management Limited also works closely with and leverages the strengths of both Millennium & Copthorne Hotels Plc as well as its parents, City Developments Ltd, one of the largest companies in Singapore.M&C REIT Management Limited is led by an experienced and independent Board of Directors who have both a breadth and depth of experience in fund, asset, hospitality and real estate management in Singapore and around the world.

Trust Structure

Strategy

CDL Hospitality Real Estate Investment Trust’s objectives are to maximize the rate of return for holders of CDL Hospitality Real Estate Investment Trust units and to make regular distributions. CDL Hospitality Real Estate Investment Trust will pursue a three pronged strategy:

• Make Yield Accretive Acquisitions: The CDL Hospitality Real Estate Investment Trust Manager will leverage off its relationship with Millennium & Copthorne Hotels plc and its parent, City Developments Ltd, and tap on their market reach, capabilities and network of contacts in the global hospitality industry to source for yield accretive acquisitions.

• Optimize CDL Hospitality Real Estate Investment Trust’s Capital Structure: The CDL Hospitality Real Estate Investment Trust Manager will seek to maintain a strong balance sheet whilst minimizing the cost of debt financing and securing diversified sources of funding to optimize CDL Hospitality Real Estate Investment Trust’s capital structure.

• Actively Manage Assets For Increased Yield: Where appropriate, the CDL Hospitality Real Estate Investment Trust Manager will leverage off its relationship with Millennium & Copthorne Hotels plc to actively improve the operational performance and maximize the cash flow and value of CDL Hospitality Real Estate Investment Trust’s assets.

Analyst Reports

UBS
-- Positive Q1 result; challenging times ahead 30042008

CIMB
-- In an upswing

Citi
-- Initating at Buy : Riding the cyclical upswing 28072007

Merill Lynch
-- Strength in hotel comtinues; Reiterate Buy 01082007
-- Increased exposure to Singapore hotel sector 17052007
-- RevPAR set for double digit growth; Upgrade PO S$3.21 18062007

Lehman Brothers
-- No room for let-up...06122007

DBS Vickers
-- Riding high on tourism growth 02052008

CapitaRetail China Trust

2008-07-22T00:26:00.000-07:00

Background

Listed on Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006 (Listing Date), CRCT is the first pure-play China retail Real Estate Investment Trust (REIT) in Singapore. It is established with the objective of investing on a long-term basis in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in the People’s Republic of China (China), Hong Kong and Macau.
The initial portfolio of seven retail mall properties is located in China’s five key cities. The properties are Wangjing Mall, Jiulong Mall and Anzhen Mall in Beijing, Qibao Mall in Shanghai, Zhengzhou Mall in Zhengzhou, Saihan Mall (formerly known as Jinyu Mall) in Huhehaote, and Xinwu Mall in Wuhu. CRCT completed its first acquisition, which was the purchase of Xizhimen Mall in Beijing, in February 2008.
All the malls in the portfolio are uniquely positioned as onestop family-oriented shopping, dining and entertainment destinations for the sizeable population catchment areas in which they are located, and are accessible via major transportation routes or access points. A significant portion of the properties’ tenants consists of major international and domestic retailers such as Wal-Mart, Carrefour and the Beijing Hualian Group under master-leases or long-term leases, which provide CRCT unitholders (Unitholders) with stable and sustainable returns. The anchor tenants are complemented by popular specialty brands such as Sport 100, Esprit, Watsons, KFC, Pizza Hut, Colour Jeans etc.
CRCT is managed by an external manager, CapitaRetail China Trust Management Limited (CRCTML or the Manager), which is an indirect wholly-owned subsidiary of CapitaLand Limited (CapitaLand), one of the largest listed real estate companies in Asia.

Analyst Reports

Daiwa
-- Just the start of acquisition, equity fund raising challenges 05062008
-- Fundraising closure, but many more to come 28012008
-- Sticking to its acquisition strategy 11012008

Merill Lynch
-- 1H07 results; DPU up 9.6% 26072007

UBS
-- Final results; reducing optionality from acquisition pipeline 16012008
-- Q1 results; asset income yet to stabilise 24042008

Capitamall Trust

2008-07-22T00:09:00.000-07:00

Background

CapitaMall Trust (CMT) is the first Real Estate Investment Trust (REIT) listed on Singapore Exchange Securities Trading Limited (Singapore Exchange) in July 2002. CMT is also the largest REIT by market capitalisation and asset size of approximately S$5.8 billion and S$5.9 billion respectively as at 21 April 2008. CMT has been assigned an ’A2’ rating with a stable outlook by Moody's Investor Services. The ’A2’ rating is the highest rating assigned to a Singapore REIT. CMT owns and invests in quality income-producing assets which are used, or predominantly used, for retail purposes primarily in Singapore. As at 31 March 2008, CMT Group's portfolio comprised a diverse list of over 2,100 leases with local and international retailers and achieved a committed occupancy of close to 100.0%. CMT Group's 13 quality retail malls, which are strategically located in the suburban areas and Downtown Core of Singapore, include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Hougang Plaza, Sembawang Shopping Centre, Jurong Entertainment Centre, Bugis Junction, Raffles City Singapore (40.0% interest), Lot One, Bukit Panjang Plaza (90 out of 91 strata lots) and Rivervale Mall. CMT also owns a 20.0% stake in CapitaRetail China Trust, the first pure-play China retail REIT listed on the Singapore Exchange in December 2006.

Analyst Reports

Credit Suisse
-- 1Q08 results in line, continue strength in AEIs 23042008
-- The mall capitaliser 17032008
-- Terminating coverage 19122007

Deutsche Bank
-- 1Q08 results in line; robust underlying performance 22042008

DMG & Partners
-- Flourishing with Retail Elms 17042008

Merrill Lynch
-- Asset enhancements continue to drive growth; maintain buy 30072007

Morgan Stanley
-- Stable and defensive 22042008

UBS
-- Earnings upgrade post Atrium acquisition 06062008
-- S$840 million Singapore acquisition 2305208
-- Strong Q108 result; distribution income +9.0% UBSe 22042008

UOBKayHian
-- Proactives enhancements 25032008

Capitaland Limited

2008-07-21T23:18:00.000-07:00

Background

CapitaLand Limited ("CapitaLand") was created from the merger of Pidemco Land and DBS Land in November 2000. CapitaLand was listed on 21 November 2000 while DBS Land was delisted on 27 November 2000.CapitaLand is one of the largest listed real estate companies in Asia. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East.The company's real estate and hospitality portfolio spans more than 90 cities in 20 countries. CapitaLand also leverages on its significant real estate asset base, financial skills and market knowledge to develop real estate financial products and services in Singapore and the region.The listed subsidiaries and associates of CapitaLand include The Ascott Group, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, Quill Capita Trust and Australand.

Analyst Reports

CIMB
-- Challenging Environment 19032008
-- Decent results but weighed-down valuations 25022008
-- Beyond its sum-of-the-parts 27092007

Citi
-- Sell : Trading S$7.6bn above latest NAV 22022008

Credit Suisse
-- 1Q08 hit by absence of one-off gains, and disappointing residential earnings 02052008
-- Record profits on record divestment gains and asset revaluations 25022008

Deutsche Bank
-- Voluntary offer for The Ascott Group 07012008 (Hold) 07012008
-- Further details on the voluntary offer for Ascott 08012008
-- Capitaland to sell One George Street to CCT 27032008

Goldman Sachs
-- FY07 : Record PATMI amidst all cylinders firing; reiterate Buy 22022008

Kim Eng
-- "Dong' Deals Galore 05122007
-- A full Embrace of Ascott 14022008

Lehman Brothers
-- Change of Earnings forecast 30042008

Macquarie
-- Privatising Scotty 08012008
-- Well positioned 17032008

Merill Lynch
-- Short term uncertainty may present long term opportunity 22022008
-- A commendable 1H07 31072007

Morgan Stanley
-- Privatisation of Ascott Group 08012008
-- Diversity does not give immunity amid a global slowdown; Remain E-W 25022008
-- OGS Sale -- Slightly disappointing 27032008

UBS
-- Is the centro contagion warranted? 18122007
-- Final results; 7% ahead; now $5.7bn in cash 22022008
-- Q108 results; earnings volatility shouldn't distract from consistent NAV growth 30042008

CapitaCommercial Trust

2008-07-21T22:55:00.000-07:00

Background

CapitaCommercial Trust is a Singapore-based unit trust established with the objective of owning and investing in real estate and real estate-related assets which are income-producing and used, or predominantly used, for commercial purposes.There is no overlap with the investment mandate of CapitaMall Trust which invests in properties which are used, or predominantly used, for retail purposes. CCT owns and invests in a portfolio of Commercial Properties.The Manager seeks to produce regular and stable distributions for holders of Units ("Unitholders'') by employing a conservative capital structure with appropriate debt and equity financing strategies. It also aims to achieve long-term growth of the net asset value per Unit of CCT by, among other things:? actively implementing strategies with the objective of maximising returns from CCT's existing commercial space; and? selectively acquiring properties that meet the Manager's investment criteria. As of 31 Dec 2005, CCT's portfolio comprises eight properties, namely Capital Tower, 6 Battery Road, HSBC Building, Starhub Centre, Robinson Point, Bugis Village, Golden Shoe Car Park and Market Street Car park - valued at over $2 billion.The Manager is an indirect wholly-owned subsidiary of CapitaLand, one of the largest listed property companies in Asia with property, hospitality as well as property-related products and services (including property and fund management services) spanning more than 70 cities around the world.

Analyst Reports

BNP Paribas
-- More Value intact 10122007

CIMB
-- Fairly Valued 27092007

Citi
-- Hold : CB issue to partially finance One George Street 02042008
-- Hold : DPU impact likely to be less than 5% 27032008

DBS Vickers
-- Option for One George Street 28032008

Macquarie Securities
-- Buys 1 George Street with yield protection 27032008

Nomura
-- First Look, option to buy One George Street 26032008

UBS
-- Market Street car park may be developed for office use 04012008
-- Buying One George Road with yield support 27032008
-- Q108 in line, 6 Battery Road at S$20.5/sf/m 25042008
-- Convertible Bond Issue 02042008

UOBKayHian
-- Commercial Real Estate 28032008
-- Organic growth from positive rental reversion 30052008

Cambridge Industrial Trust

2008-07-21T21:30:00.000-07:00

Overview and Trust Structure

CIT's objective is to invest directly or indirectly in income-producing real estate and real estate related assets used mainly for industrial and warehousing purposes. It seeks to provide unitholders with a competitive rate of return on their investments by ensuring stable, regular distributions and long-term growth in both distributions and net asset value per unit. This involves sourcing and acquiring value-enhancing assets in Asia, with an initial focus on properties in Singapore.
The existing portfolio of CIT comprises 43 properties serving tenants in diverse trade sectors covering the logistics, warehousing and light industrial sectors. Many of these properties are well-located in close proximity to strategic infrastructure amenities, public transportation and major highways.
The 43 properties in the portfolio have an aggregate appraised value of $966.8 million against 656,628.1 square metres of total lettable area. The properties have been acquired by CIT and leased back to their respective vendors which include companies listed on the Main Board of the SGX-ST such as CWT Limited and Natural Cool Holdings Limited.
The portfolio's strengths include a stable and growing income stream with fixed rental escalation coupled with rents and lease obligations which are backed by long security deposits.

Analyst Reports

Lehman Brothers

-- Lower cost of borrowing locked-in 05022007

-- Stable Portfolio Yield ... 06122007

-- More capacity to grow accretively 30012008

Merill Lynch

-- Equity raising to fund recent acquisitions, maintain buy 10092007

-- FY07 results 30012008

UBS

-- FY07 results; above average M&A optionality 29012008

Cacola Furniture International Limited

2008-07-21T21:19:00.000-07:00

Background

The Company was incorporated in Cayman Islands on 5 January 2007 under the name of Cacola Furniture International Limited.The Group is principally engaged in the design, manufacture and sale of a wide range of modern-style home and office furniture. Its products are primarily sold under its brand name, “Cacola (家居乐)”, through its extensive distribution network. Its products can be broadly categorised into three segments namely panel furniture, sofa and mattress.Most of its products are sold in China with the remaining sold into other international markets such as Hong Kong and to the best of knowledge of the Directors, the U.S.A, Canada, South Africa, Morocco, Algeria, Spain, Australia and Kuwait. The Group has an extensive distribution network within China. Its distributors cover 101 distribution points, all of which are specialty stores operating under the shop name “Cacola (家居乐)”. These 101 CACOLA specialty stores are located in over 66 cities within China, 16 of which are operated by its distributors directly and 85 by third party retailers under licence from its distributors. The Group's manufacturing activities is carried out at its four production facilities located at 东莞市常平镇苏坑村 (Sukeng Village, Changping Town, Dongguan City, Guangdong Province, China). Two of the facilities are dedicated to the production of panel furniture, one for sofa and one for mattress.

Analyst Reports

OCBC
-- Direct Beneficiary of China booming economy 06122007
-- Ramping up its retail presence 17042008

Kim Eng Securities
-- Risk Reward improving 04122007

Phillip Securities
-- Key Highlights 12122007
-- Reiterate Buy 27022008

Bukit Sembawang

2008-07-19T01:09:00.000-07:00

Background

The company started up as a leading rubber company in the early part of the 20th century. The company diversified the business into the development of landed property for sale and investment in the Fifties. In 1967, the Company was incorporated in Singapore as a public-listed company to focus on property development, investment and other property-related activities.
For over half a century, the company have been building some of Singapore's well-known, established residential developments comprising seven private housing estates including 2,500 homes in Seletar Hills, 1,000 houses in Sembawang Hills and more than 500 in other locations. The company have become a trusted name in housing development by continuously delivering good quality and designs at prices families can afford. And through our commitment, the company have won many Awards for our prestigious properties.
From the company holistic approach to design and environmental concerns, to the finishing touches that they install, the company create distinctive homes and desirable communities for you and your loved ones. The company landed housing developments in Seletar Hills are ideally located - away from the hustle and bustle of the city; places surrounded by nature, convenient recreational facilities, restaurants, and shopping - yet easily accessible within minutes.
Bukit Sembawang has since extended its expertise to the development of high-end condomium of premium quality under a new brand name - BS Suites. BS Suites will house all of Bukit Sembawang's high-end development where no detail is spared in bringing you the highest sophistication in life.
The company take great pride in the fact that thousands of families now call our developments - Home! And in the years to come many more will do the same. It testify our motto "Homes For Every Generation". The award of the BCA ISO 9000 Certification in Project Management Services (Construction) in 2000 is a testimony of our commitment to deliver satisfaction and a high standard of quality to our customers. Bukit Sembawang value every one of its customers, every family - and the company remain dedicated to providing quality homes that property owners have come to expect from the company.

Analyst Reports

CIMB GK

-- Kickers to come from prime project 13082007

-- Set to benefit from its legacy 13092007

-- Timing the market 14022008

-- Delayed launches 26052008

Lehman Brothers

-- Change of price target 14022008

-- Expect asset monetisation to slow 27052008

-- Revised base cases biggest beneficiary 30042008

Broadway Industrial Group

2008-07-19T00:55:00.000-07:00

Background

Established in 1969, Broadway is a manufacturer of foam-moulded interior protective packaging and insulin products and precision-machined components in Asia. The Group’s main manufacturing facilities are located in the eastern and southern parts of China. It also has manufacturing operations in Thailand and USA.The Group supports many multinational customers mainly in the consumer electronics, household appliances, telecommunication and IT industries.

Analyst Reports

CIMB GK
-- Growing in a tough environment 15052008
-- Too cheap to ignore 29022008

Kim Eng Securities
-- Compart Lends more Oomph! 29022008
-- Top ideas 31032008

2008-07-19T00:48:00.000-07:00

Background

Founded in 2000, BreadTalk has become a distinctive Singapore brand that has gained international appeal. Renowned for the way it has revolutionised the culture of bread consumption with its visually appealing, aromatic and unique-tasting products, the Group owns and operates more than 20 bakery outlets in Singapore, as well as several outlets in various countries regionally, including Shanghai and Beijing.

In 2003, the Group diversified into the restaurant business by opening the world-renowned Din Tai Fung brand of restaurants, known for its xiao long bao meat dumplings, in Singapore.
In 2005, BreadTalk penentrates further into the China market by acquiring Topwin Investment Holding Pte Ltd, which owns and operates 13 food courts under the award-winning brand-name "Megabite" in the PRC.

Analyst Reports

Kim Eng Securities
-- Toast of the Town 29022008

Boustead

2008-07-19T00:36:00.000-07:00

Background

Established in 1828, Boustead has transformed itself from a trading entity into a progressive global Engineering Services & Geo-Spatial Technology Group, under the current management team, led by Chairman & Group CEO, Mr Wong Fong Fui.
Boustead's core activities are:

(1) Engineering Services

The Engineering Services division comprises: Energy-related engineering services Oil & gas/petrochemicals (BIH, C&E), Power generation (Salcon), Solid waste energy recovery (Maxitherm), Water & wastewater engineering (Salcon), & Industrial real estate solutions (Boustead Projects)

The Engineering Services division caters to a diverse range of industries, with a focus on the energy sector (including oil & gas/petrochemicals, power, solid waste energy recovery), water & wastewater engineering and industrial real estate solutions. Clients for this division include major global EPC corporations, and multinational and national oil & gas companies such as BP, Caltex, Exxon Mobil, Foster Wheeler, Hitachi Engineering, JGC, MHI, Mitsui Engineering, MW Kellogg, ONGC, Qatar Petroleum, Samsung Engineering, Saudi Aramco, Shell and Simon Carves.

(2) Geo-Spatial Technology

The Geo-Spatial Technology division exclusively distributes world-leading ESRI geographic information systems and geo-spatial solutions, and Leica/Erdas satellite imaging technology in Australia, South East Asia and South Asia.
As one of the oldest companies established in Singapore, we have grown and survived through wars, riots and political upheavals, the birth pangs of a nation, and successive periods of recession and buoyancy. Such an organisation does not simply survive passively for more than 175 years; we survive because we are fit enough to do so. Critical to our survival has been our ability to constantly reinvent ourselves - never taking for granted that the successful products and services of yesterday, will sell themselves today. In our two centuries of existence, we have accumulated a wealth of experience that places us in a leading position to understand and address the critical needs of the client. Our long and distinguished history is a testimony to the respected quality and trust that we have nurtured.

At Boustead, we believe in building a lasting personal relationship with the client. When clients approach us, they recognise that they are not just receiving customised engineering services and geo-spatial solutions that mesh seamlessly with their processes; they are also securing the long-term commitment and dedication of an established partner.

Analyst Reports

DBS Vickers
-- Order sturdy, new wins slow 11032008
-- Still building orderbook 29052008

Phillips Securities
-- Yet another contract award 10042008
-- Contract win by salcon 27032008

Bio-Treat Technology

2008-07-19T00:00:00.000-07:00

Background

The company is principally engaged in: the development of our proprietary technology, known as "BMS Biological Process Technology"; and the application of our BMS Biological Process Technology in:
the provision of our BMS wastewater treatment services, comprising consultancy and design, installation, commissioning and project management of wastewater treatment systems; and
the development, manufacture and sale of our BMS wastewater treatment and waste management products; and sale of third party waste and wastewater treatment equipment and accessories after undertaking modification processes.

Bio-Treat BMS Biological Process Technology
The company BMS Biological Process Technology is a proprietary application of biological processes to the treatment of waste and wastewater. It consists of two key elements working in synergy with each other. Firstly, it utilises our proprietary blend of BMS micro-organisms having various degradation abilities. Secondly, the engineering design and the optimised operating conditions of our BMS biological process systemenhances the degradation environment.

(a)BMS micro-organisms
In an effort to mimic the natural ecosystem, the company blend of BMS micro-organisms is a concoction of naturally occurring micro-organisms comprising aerobic, anaerobic, facultative and photosynthetic micro-organisms. The company have selected these micro-organisms based on their degradation abilities and efficiencies, their hardiness and ability to co-exist and grow in mutual association with each other.

BMS micro-organisms consist of four main types of micro-organisms that digest most of the organic pollutants present in wastewater, and effectively transform and degrade them into environmentally benign substances. The four major types of micro-organisms are:
photosynthetic micro-organisms that provide a symbiotic component with aerobic bacteria, as well as the assimilation of sulfur; lactobacillus that degrades food processing compounds;
yeast that degrades protein; and streptomyces that degrades aromatic compounds such as phenols and benzoates.

(b) BMS Biological Process System
BMS biological process system consists of a system of three bioreactors arranged in series, namely: fermentation, degradation and digestion bioreactors. Each of these tanks is aerated using the specially designed aerator pipes with ultra-fine holes ("air-spargers") placed near the bottom of each of the tanks. These air-spargers provide a steady flow of micro-sized air bubbles into the tanks, which result in airlift circulation, thus effectively increasing the amount of dissolved oxygen required for biodegradation. These air-spargers are specially designed for our BMS Biological Process Technology. The fermentation tank, degradation tank and digestion tank together with the specially designed air-spargers are designed to simulate the natural ecosystem within which the aerobic, anaerobic and facultative BMS micro-organisms can co-exist.

Analyst Reports

Merill Lynch

-- More challenges ahead; Sell 19032008

Morgan Stanley

-- Rising Challenges 21042008

OCBC

--Downside biased 07122007

-- Downward biased 19022008

UBS

-- Under review 21042008

-- Relatively strong Q2 04022008

Biosensors International

2008-07-16T01:15:00.000-07:00

Background

Biosensors International Group, Ltd. develops, manufactures and commercializes innovative medical devices used in interventional cardiology and critical care procedures. We are well positioned to emerge as a leader in drug-eluting stents, an evolving therapy that is rapidly gaining market share from traditional cardiovascular therapies. In June 2006, Biosensors was named one of 50 medical technology companies to be watched in Medical Device and Diagnostic Industry magazine's 50 companies to watch, which cited Biosensors' innovative biodegradable-polymer drug-eluting stents as one of the reasons for the Company to be watched.

Our Mission

Through our high quality medical devices, we impact the lives we touch, and we are committed to continue investing in and developing pioneering medical technology, pharmacological research, and engineering new medical devices that will further benefit our patients. This will create the greatest possible patient outcomes, and provide value to our stakeholders including physicians, shareholders and employees.

Brief History

Since 1990, Biosensors has been developing and marketing critical care catheter systems and related devices used during heart surgery and intensive care treatment and monitoring. In 2000, we entered the interventional cardiology market with our proprietary coronary stent and accompanying stent delivery balloon catheter system. In the same year, we further expanded our product line to include angioplasty balloons and catheters.
Most recently, we made our entry into the US$6b global drug-eluting stent market with the introduction of our flagship BioMatrix® and Axxion™ product lines. We have received CE Mark regulatory approval for BioMatrix in January 2008 and Axxion in July 2005.
Biosensors' affiliated companies maintain offices in Newport Beach, California, The Netherlands, Germany, Switzerland, Singapore, and Japan. Our interventional products are currently being manufactured in Singapore and The Netherlands.

Biosensors' Technology

Biosensors' BioMatrix drug-eluting stent is unique in that it uses a proprietary biodegradable polymer and anti-restenotic drug, Biolimus A9®. Our Axxion drug-eluting stent is a polymer-free system in which the drug is directly coated on the stent over a layer of glycocalix, a substrate designed to improve biocompatibility of the metal stent surface after the drug is released.
At international conferences around the world, leading cardiologists have highlighted the need for a safer drug-eluting stent with a shorter duration of polymer exposure in the body and the use of less toxic drugs which promote rather than delay the healing process. Cardiologists have commented that BioMatrix and Axxion drug-eluting stent which have no polymer remaining in the body after the drug elution is complete offer good alternatives to currently-available drug-eluting stent.
We have also licensed aspects of our proprietary drug-eluting stent technology to third parties, including Terumo Corporation, Guidant Corporation and specialty-stent providers, Devax, Inc. and Xtent, Inc.

Analyst Reports

Citi
-- Buy : To acquire 50% stake in JW medical systems 10082007

Deutsche Bank
-- Terumo to pay US$40m to amend license agreement 22042008

OCBC Securities
-- Holding on to an uptrend 05022008
-- Testing resistance 14022008
-- Temporary weakness 07042008
-- Leaner, Meaner and Better 30052008

UBS
-- Time to re-visit impending CE approval 09012008
-- Significant future profits locked in - reiterate Buy 22042008

Best World

2008-07-16T01:03:00.000-07:00

Background

Founded in 1990 with a firm commitment to provide the best quality products to enhance their customers’ lives, Best World has since evolved into one of the leading companies in the health and wellness industry.

Best World's Mission

The Preferred Choice for Consumers
We strive to provide health and wellness products of the highest quality and maintain our competitive edge through continuous product innovation, embracing advanced R&D technology, safeguarding our customer-focused values.

The Premier Choice for Distributors
We will expand our distribution network globally, and establish an entrepreneurial platform which offers a unique financially rewarding programme for any individual to pursue their financial freedom with Best World.

The Best Choice for Partnership
We aim to develop and maintain long-term relationships with our customers, business partners, distributors, staff and shareholders based on integrity and trust. We are committed to developing a positive, harmonious and respectable working community and our continual investment in their development will keep our distributors and staff motivated, improving productivity and efficiency, thereby maximizing our shareholders’ value.

Analyst Reports

CIMB GK
-- Watchout for higher expenses 12052008

Daiwa Securities
-- A toehold into China 06122007
-- Smooth Results 03032008

Beng Kuang Marine Pte Ltd

2008-07-16T00:57:00.000-07:00

Background

The Company was incorporated in Singapore on 8 January 1994 under the name of Beng Kuang Marine Pte Ltd adopted its current name on 30 August 2004.Beng Kuang Marine Limited ("BKM") and its Subsidiaries (the "Group") are principally engaged in the provision of Corrosion Prevention services (comprising blasting and painting works), infrastructure engineering and supply and distribution serving the marine, offshore oil and gas and other industries.BKM provides turnkey engineering services from planning, project management to implementation involving fabrication, corrosion prevention, testing, installation and pre-commissioning of steel work modules and structures mainly for customers in the offshore oil and gas industry. In addition, BKM supplies over 300 types of hardware equipment, tools and other products under the house brand "Master", all of which are similarly used in the marine, offshore oil and gas, construction and other industries.

Analyst Reports

DBS Vickers
-- Bend and not break 02052008

SIAS Research
-- Upgraded to SGX Mainboard 09012008
-- Strong FY07 results 28022008

Beauty China

2008-07-16T00:44:00.000-07:00

Background

The Company was incorporated in the Cayman Islands on 20 June 2002. Beauty China is a brand management company that owns and manages two brands of colour cosmetics and skin care products – Colour Zone and CharmingLady – both of which are targeted at China’s mass market.Underscoring its eye for developing quality products, Colour Zone – established in 1997 – was voted one of “The Ten Best Brands” in China cosmetics industry in two consumer goods market surveys in 2003 and 2004 consecutively*.With more than 600 varieties of individual end-products targeting at young and trendy women aged between 18 and 28, Colour Zone products are retailed in over 1,200 outlets which are mainly dedicated counters in department stores and standalone specialty stores in major and secondary cities throughout China, as well as major retail chains such as Watsons, Wal-Mart and Sa Sa.To broaden the target consumer group of its products, Beauty China has in 2004 launched a new CharmingLady range of colour cosmetics for more sophisticated ladies over 25 with relatively higher disposable income.

Analyst Reports

AmFraser
-- Reaping strong growth from a nascent cosmetic market 18032008

CIMB GK
-- Attractive Buy 14082007
-- Strengthening retail network 27022008

Merrill Lynch
-- Strong 1H07, as expected 14082007
-- 2H08 growth to accelerate; weakness unjustified 27022008

Phillip Securities
-- Flat 4Q07 result 28022008

UOBKayHian
-- 1Q08 : Higher depreciation expenses erode margins 15052008
-- 4Q07 : Strong turnover growth while mild earnings growth 28022008

Babcock & Brown Structured Finance Fund Limited

2008-07-16T00:38:00.000-07:00

Background

Babcock & Brown Structured Finance Fund Limited is a mutual fund company incorporated in Bermuda on 24 April 2006 and managed by Babcock & Brown Structured Finance Management Pty Ltd. The Company’s key investment objective is to invest in a portfolio of assets and economic exposures which provide its Shareholders with an attractive yield and a competitive rate of return by paying regular dividends and achieving capital growth. The Company plans to achieve its investment objectives and policies through further acquisitions, active portfolio management as well as financing and risk management. The Company provides investors with the ability to invest, through the Company, in asset classes which are not readily accessible to most investors in a listed form. The Company invests in assets in three target sectors: -Operating Lease Assets; Loan Portfolio and Securitisation Assets; and Alternative Assets.The Company intends to invest in assets in three target sectors to create a portfolio with predictable cash flows, potential for long term capital growth and diversity across each target sector and across geographies and currencies.

Analyst Reports

SIAS Research
-- Debt facility renewal will determine 2H08 dividend 06032008

UBS
-- Some de-leveraging possible 28022008

BBR Holdings Limited

2008-07-16T00:35:00.000-07:00

Background

The Company was incorporated in Singapore on 7 July 1993 by BBR Holding Ltd under the name Maderia Enterprises Pte Ltd. The Company's name was changed to BBR Construction Systems (Far East) Pte Ltd on 17 November 1993 and subsequently to BBR Construction Systems Pte Ltd on 24 January 1994. It commenced operations in January 1994, providing post-tensioning services, incorporating design, supply and installation. Within the same year, it formed a Malaysian subsidiary and diversified into structural repair and upgrading.BBR Holdings is a member of the global BBR network (www.bbrsystems.ch), which provides state-of-the-art technologies and engineering. BBR technologies have been applied worldwide in a great number of different structures, such as bridges, buildings, marine structures, tanks, towers and in all types of geotechnical applications.BBR Holdings is a construction and specialist engineering group with operations in Singapore, Malaysia, Philippines, Thailand, Sri Lanka, India and South Korea.Its core business activities include:Design and Build Services• General building• Civil and structural engineering• Piling and foundation systemSpecialist Engineering• Pre-stressing• Bridge design and construction• Stay cable system• Heavy lifting• Maintenance repair and retrofitting .

Analyst Reports

SIAS Research
-- Even better to come 04032008

Banyan Tree

2008-07-16T00:26:00.000-07:00

Background

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).

Analyst Reports

AmFraser
-- Trading Ideas 06122007

DBS Vickers
-- A global footprint 29022008

UBS
-- Key exposure to ageing Asia 06062008
-- No signs of slow down in Q108 16052008

Aztech Systems Limited

2008-07-16T00:16:00.000-07:00

Background

Incorporated in 1986, and listed on SGX SESDAQ on the 12 January 1994, Aztech Systems Ltd provides OEM/ODM design and manufacturing services, contract manufacturing and retail distributionAztech's OEM/ODM sales business segment is involved in the designing, developing, manufacturing and marketing of data communication, voice communication as well as multi-media products. Aztech also provides Contract Manufacturing Services including printed circuit board, box build assemblies, plastic tooling and plastic injection.Headquarters in Singapore and with over 2,200 employees worldwide, Aztech manufacturing facility is located in Dong Guan, China. Aztech R&D centres are located in Singapore, Hong Kong, Shenzhen and Dong Guan, China. Its five sales offices are located in Singapore, Hong Kong, USA, Germany and Malaysia.

Analyst Reports

DBSVickers
--Growth with sustainable high margins 15062007
-- Multiple drivers pushing growth 23072007
-- Limited upside in the near term 25092007

DMG & Partners
-- Getting Hazy 22042008

NRA Capital
-- 4Q07 net profit decline mitigated by revaluation gain 11022008

Avi-Tech Electronics

2008-07-16T00:07:00.000-07:00

Background

Incorporated in Singapore in 1981, Avi-Tech Electronics is one of the region’s leading ‘one-stop’ total Burn-In solutions providers to the semi-conductor industry. Avi-Tech offer a comprehensive suite of products and services for the semiconductor industry:
Burn-In and Related Services
•Static Burn-In, Dynamic Burn-In and Test During Burn-In (‘TDBI’) for semiconductor manufacturers,
•Tape and reel service for customers who need their finished products to be delivered in a reel form,
•Design, manufacture and assembly of Burn-In Boards for different types of Burn-In
Engineering Services and Equipment Distribution,
•Full turnkey system integration services (built to design) and equipment manufacturing (design and build) services including parts procurement and fabrication, assembly and verification,
•Technical services such as field service and application support for all third party equipment distributed,
•Equipment distribution including equipment and related products used in the semiconductor industry, in particular, third party Burn-In and test equipment

Headquartered in Singapore with a total staff strength of approximately 300, we have production facilities in Singapore and may set up new facilities in the PRC. We also have established market presence in Singapore, Taiwan, Malaysia, PRC, USA, Europe, Thailand and the Philippines. Our major customers are key players in the global semiconductor business including Infineon Technologies Asia Pacific Pte Ltd, Advanced Micro Devices (Singapore) Pte Ltd, Unisys Corporation, Singway Corporation and Dialog Semiconductor GMBH.In consonance with our commitment towards business excellence and Quality Assurance, we have been conferred the Singapore Quality Class award by SPRING Singapore in 1998, with renewals for this award in 2001, 2003 and 2005. We were also awarded the Enterprise 50 award by the Singapore Economic Development Board in 1999 (Ranking: 1st), 1998 (Ranking: 31st) and 1997 (Ranking: 41st). In addition, we received numerous customer appreciation awards in recognition of our excellence in products and have achieved ISO 9001 and ISO 14001 certifications.

Analyst Reports

WestComb
-- Emerging Gem from undiscovered industry 13022008

Ausgroup

2008-07-14T21:51:00.000-07:00

Background

The Ausclad Group of Companies supplies total engineering solutions including fabrication, structural & mechanical installation and maintenance across a variety of industries. With diversity our primary strength in a highly competitive and everchanging commercial environment, we pride ourselves on a track record of excellence - consistently completing projects to time-frames, and to budget, no matter the scope or demands.From strength to strength. Quality...Experience...ResultsAll of the business units within AGC are leaders in their specialised field. This means, we guarantee that every service we offer meets, or exceeds, world standards. Led by management professionals within a culture of positive employee relations, each business unit at AGC is individually accountable and results driven. Our aim is to provide industry with every conceivable engineering service, in ways that not only utilise the latest in technology, but deliver outstanding results. After all, our success is measured by yours.

Oil and Gas
The Oil & Gas Business Unit within AGC has the experience and capabilities to engineer, procure, construct and test offshore/onshore oil and gas developments, along with the personnel to hook up new facilities and support the maintenance of existing facilities.Major projects include:- POHOKURA GAS DEVELOPMENT PROJECT, NZ- JOHN BROOKES DEVELOPMENT- LINDA DEVELOPMENT- NATURAL FUELS BIO DIESEL- VICTORIA DEVELOPMENT- NAM CON SON SUBSEA MANIFOLD- GOODWYN LOW PRESSURE TRAINWork for a number of large organisations; Woodside, Apache Energy, Chevron and BP and an ongoing contract for Transfield Worley Woodside Alliance.

Fabrication
In 2001, AGC was awarded the Australian Fabricator of the Year Award in the large company category from the Welding Technology Institute of Australia. With a large workshop operating 24 hours a day, our site utilises on-call personnel for peak load periods and has successfully completed a variety of projects including:- DAMPIER PORT UPGRADE PROJECT (TOPSIDE MODULES FOR WHARF EXTENSION)- TELFER TREATMENT PLANT- HISMELT HOT ORE- PRE HEATING PROJECT- CAPE LAMBERT SHIP LOADER- WATER CORPORATION VESSELS- COCKBURN 1 POWER STATION (STRUCTURAL STEEL & PROCESS PIPING- FABRICATION PACKAGE)

Mechanical and Structural Installation
Working in close consultation with our clients, we are able to tailor our services and select the best management team to deliver each project on time and at the most competitive price.This is supported by a large fabrication workshop in Kwinana, with approximately 180 permanent employees and a large mobile workforce of over 500 experienced personnel.The Structural & Mechanical Installation business unit of AGC is well established and recognised as a major service provider to the mining, minerals processing and similar industries throughout Australia.We specialise in structural steel erection, piping and mechanical installation, scaffold erection, the installation of tank and pressure vessels and mechanical handling equipment, conveyors etc. This business unit is well positioned to expand its involvement in the current resources construction boom in Australia. The most significant recent projects completed include:- Murrin Murrin Nickel Refinery- Cockburn 1 Power Station- Kalgoorlie Nickel Smelter Shutdown- Worsley Alumina Refinery, including Deep Cone Thickeners- Dampier Port Expansion Screen House - Yandi By Pass Conveyor InstallationAGC has experienced engineering and construction staff on hand who are able to assist and work closely with clients in the development of structural and mechanical installation solutions on complex projects.Other specialist areas of our structural and mechanical operations include our ability to mobilise labour and equipment at short notice to carry out planned and unplanned shutdowns on operating project plants for major mining companies including Western Mining and Minara Resources.With regard to contracting, AGC welcomes the opportunity to perform on win-win, integrated team, performance-based as well as conventional lump sum contracts.

Industrial Insulation
This business unit specialises in industrial and marine insulation and has been successful in winning major national and international contracts. We are also at the forefront of insulation and cladding technology.Our specialist sheet metal fabrication workshop is equipped with the latest state of the art electronic computerised equipment required to manufacture and service all our insulation requirements.By focusing on energy conservation and cost saving, AGC delivers efficient and effective hot, acoustic or cryogenic insulation, using products as diverse as light gauge steel fabrication for ducting or dust extraction, sheet metal cladding on roofs and boiler walls, on-plant personnel safety, protection from weather, corrosion and mechanical damage, as well as critical cold insulation on LNG refineries.In joint venture with an international contractor, our most significant project includes the insulation, scaffolding, painting and fireproofing contract for Woodside being Train 4 at the LNG site at the Burrup Peninsula.With a strong background in industrial and marine insulation, AGC leads the world in cladding technology and is constantly sourcing the best quality products from both local and international markets. Our most significant project to date is the insulation, painting, fireproofing and scaffolding contract for the Woodside LNG Train 4. Recently completed works include:- MURRIN MURRIN NICKEL PROJECT- HISMELT KWINANA - CSBP AMMONIA PLANT- PELICAN POINT POWERSTATION SA- SWANBANK POWERSTATION QLD - QUEENSLAND ALUMINA LTD - COAL GRANULATION PROJECT - BHP BILLITON - SHELL REFINERY CLYDE

Maintenance
AGC’s maintenance business unit is able to take on large planned and unplanned shutdowns in any location throughout Australia, specialising in project management, planning and scheduling, incorporating all in house disciplines inclusive of:- FABRICATION HIGH PRESSURE- WASHING- ERECTION INSULATION- MECHANICAL PROTECTIVE COATINGS- REFRACTORY HYDROTESTINGAGC is one of the preferred suppliers to the Department of Defence for Australian and US ships. Other projects of note are:- US NAVAL REFURBISHMENTS- INTERGRAL ENERGY, NSW- OLYMPIC DAM, SA- MURRIN MURRIN NICKEL REFINERY- CSBP WESFARMERS- ELECTRICITY & WATER- CORPORATION, ACTOur commercial maintenance and facility management has a sustained long term contract for Parliament House, Canberra.

Linings
AGC has one of the largest undercover workshops in WA, complete with 24 hour emergency call out servicing major upgrades and project Our Linings business unit has built its reputation on servicing industrial projects in remote and difficult locations with an experienced management team and stableworkforce.Contracts of note include:- BHP BILLITON- HISMELT HOT ORE- PRE HEATING PROJECT- COCKBURN CEMENT LTD- ALCOA WORLD ALUMINA AUSTRALIA- JAMAICAN LIME KILN.

Analyst Reports

Kim Eng Securities
-- Ready for Sub-sea Upsurge 25092007

Merrill Lynch
-- Small but meaningful 14082007
-- Good things come in threes 20082007

OCBC Securities
-- Growing up fast 30052008

UOBKayHian
-- Cactus secures new customers 05062008
-- Technical analysis 0703208

ASL Marine

2008-07-14T21:37:00.000-07:00

Background

SHIPBUILDING
The Group operates shipyards in Singapore, Batam, Indonesia and Guangdong, China and has established a track record of new buildings in specialised niche vessels such as:
Offshore Support Vessels including AHT Supply Vessel, Platform Supply Vessel, Offshore Maintenance/ ccommodation Vessel, Rescue and Standby Vessel, Heavy Lift-cum-Pipe Laying Vessel, DP-2 Subsea Operation essel
Accommodation Barge, Pipe Laying/Work Barge, Shallow Water Jack Up Barge
Commercial Vessels including Chemical Tanker (IMO II/III), Bunkering Tanker, Clean & Dirty Product Tanker, Container Vessel
SHIPREPAIR
The Group's drydocking facilities at the Batam yard include a graving dry dock measuring 260m x 60m x 11m which can accommodate vessels up to 150,000 dwt and a floating dock for vessels up to 20,000 dwt. The Group provides repair services such as conversions, retrofittings, life-extensions and repairs of all types of vessels including:
Tankers, Container Vessels, Bulk Carriers,
Offshore Work Vessels, Dredging Vessels, Pipe Laying Vessels,
FSOs and FPSOs
SHIPCHARTERING
The Group maintains a young fleet of more than 150 vessels consisting mainly of tugs and barges which services customers from diverse industries, including offshore oil & gas, marine infrastructure, dredging, land reclamation & marine construction and transportation of cargoes such as aggregates and heavy equipment.

Analyst Reports

DBS Vickers
-- Undervalued Marine Play 21052008

DMG & Partners
-- Twin Pillars of growth 03062008

Kim Eng Securities
-- Company update 12022008
-- Surpassing expectations 28072007
-- Winning new orders 25072007

UOBKayHian
-- 1HFY08: Sharply higher shipbuilding and shiprepair margins 05022008

AsiaPharm Group Limited

2008-07-14T21:26:00.000-07:00

Background

Established in 1994, we are today one of the leading specialty pharmaceutical groups in the PRC. We specialise in the research, development, production and sale of pharmaceutical drugs and new formulations for chemical drugs, the sale of R&D results and patents for new drugs, and the provision of research services on a contract basis.
Our ultra modern facility in Yantai is fully equipped with leading edge technology, fully integrated and GMP certifi ed, enabling us to carry out all aspects of pre-clinical evaluation; from pharmaceutical to pharmacology research, drug safety evaluation and clinical trials; to the full production of our natural drugs.
We currently employ more than 100 researchers and have close collaborative relationships with renowned universities and research institutions to drive our R&D efforts, enabling us to stay at the forefront of specialty pharmaceutical developments.
To reach our customers, we have established an extensive distribution network of 35 sales support offi ces, covering 30 provinces, municipals, and autonomous regions, reaching approximately 2,000 hospitals. This is further supported by a strong network of 250 distributors and 280 sales and marketing personnel.

Analyst Reports

CIMB GK
-- Hurt by integration expenses 27022008

DBS Vickers
-- Year of integration 16082007

NRA Capital
-- Slow organic growth exacerbated by high integration costs 21082007

Asia Enterprise Holdings

2008-07-14T21:20:00.000-07:00

Background

With roots that date back to 1961, Asia Enterprises Holding Limited is a major distributor of a wide range of steel products to industrial end-users in Singapore and the Asia-Pacific region.
Over the past 33 years, our Group has successfully expanded its product range and enhanced its value-added services to offer a 'one-stop' solution to its customers. Today, we supply over 1,200 steel products to more than 600 active customers involved primarily in the shipbuilding and marine-related activities, oil and gas, construction, as well as the precision metal stamping, manufacturing and engineering/fabrication industries.
To complement our steel distribution business, our Group also provides value-added precision steel processing services through our steel service centre, which is a joint venture with Marubeni-Itochu Steel Inc.
The Group was listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") on 1 September 2005.
Our position in the steel industry value chain
Asia Enterprises plays a vital intermediary role in the steel industry value chain by bridging the gap that exists between demand from industrial end-users and supply from steel mills.
Most industrial end-users of steel typically purchase a large assortment of steel products in relatively smaller quantities according to their usage, and require intermittent deliveries on a prompt basis. However, steel mills generally focus on a narrower range of product lines, require minimum order quantities and at least two to three months for delivery; hence it is uncommon for steel mills to sell directly to industrial end-users.
As a steel distributor, we purchase steel products from steel mills and international steel traders in large quantities for resale in smaller quantities to industrial end-users. As such, we are able to provide our customers with readily available inventory, reliable and prompt delivery, and flexible order size. In addition, our steel processing services increase our value-add to customers as we are able to customise product dimensions to the needs of each industrial end-user.

Analyst Reports

DBS Vickers
-- Steel Booming 05072007

Ascendas REIT

2008-07-14T01:34:00.000-07:00

Background

A-REIT, Singapore's first business space and industrial REIT, was listed on 19 November 2002 with a portfolio of 8 properties worth S$545 million. It has since increased its properties to 84 with a book value of about S$4.2 billion as at 31 March 2008.
It owns a diversified property portfolio in Singapore comprising business and science parks, hi-tech industrial properties, light industrial properties, logistics and distribution centres as well as warehouse retail facilities. These properties house a tenant base of over 790 international and local companies from a wide range of industries and activities, including research and development, life sciences, information technology, electronics, engineering, light manufacturing, telecommunications, logistics service providers, manufacturing services and back-room office support in service industries.
A-REIT is listed in several indices including the Morgan Stanley Capital International, Inc (MSCI) Index, the European Public Real Estate Association / National Association of Real Estate Investment Trusts (EPRA/NAREIT) Global Real Estate Index and Global Property Research (GPR) Asia 250. A corporate family credit rating of "A3" was assigned to A-REIT by Moody's Investors Service in December 2005.
A-REIT's objective is to achieve income stability and long-term growth in the portfolio. Potential growth in the existing portfolio would be through a proactive approach to funds and asset management, and acquisition of strategically located premium properties to deliver consistent returns to unitholders.

Analyst Reports

CIMB GK
-- Record Occupancy lifts DPU 21012008
-- Taking over the helm 14032008
-- Ascending the ranks 16042008

Citi
-- Upgrade to buy: Attractive Valuation and Positive outlook 10092007
-- Buy : New properties could add 1% to DPU 29012008
-- Buys : Goodman exits A-REIT 13032008
-- Buy : Small acquisition with long term lease 25033008
-- Buy : Relatively stable yields of over 6% 18042008
-- Buy : A large acquisition, could add 2.5% to DPU 11052008

Credit Suisse
-- Terminating Coverage 19122007

Deutsche Bank
-- Goodman divesting stake in A-REIT and mangement company 13032008
-- Taking market share; announces 5th acquisition YTD 25032008
-- Organic growth intact; acquisitions improving 21042008

Goldman Sachs
-- FY08 results inline; set for new chapter of regional growth 18042008

Macquarie Securities
-- Steady as she goes 21042008

Merill Lynch
-- Expensive vs peers; downgrade to sell 15042008
-- FY08 Results inline 21042008

UBS
-- Ascendas to acquire Goodman's stake; big overhang lifted 13032008
-- FY08 result; raise price target to S$3.28 21042008

UOBKayHian
-- Riding on increasing demand for suburban office space 30052008

Ascott REIT

2008-07-14T01:02:00.000-07:00

Background

The Manager, ART Management Pte Ltd was incorporated in Singapore on 22 November 2005 and changed its name to ART Management Limited. The Manager subsequently changed its name to "Ascott Residence Trust Management Limited on 20 January 2006.ART is the first Pan-Asian serviced residence real estate investment trust established with the objective of investing primarily in real estate and real estate related assets, which are income-producing. Its initial asset portfolio comprises 12 serviced residences and rental housing property located in Singapore, China, Vietnam, Philippines, and Indonesia. These properties are predominantly used as serviced residences or rental housing properties in the Pan-Asian Region. The Manager is a direct wholly-owned subsidiary of Ascott. The Ascott Group is a leading international serviced residence provider which owns and/or manages more than 15,000 serviced residence apartment units in key cities of Europe, Asia-Pacific and the Gulf region. Headquartered in Singapore, the Ascott Group pioneered Pan-Asia’s first branded luxury serviced residence in 1984. The Ascott Group has extensive experience in the ownership and management of serviced residences as well as an established network of relationships with developers and service providers in Singapore and the Pan-Asian Region. The Manager believes that ART can leverage on the Ascott Group’s network to achieve its business objectives and provide ART with access to the market and network of contacts in the Pan-Asian serviced residence sector.ART's property portfolio comprises the following properties: -• Singapore – Somerset Liang Court Property and Somerset Grand Cairnhill; • Indonesia – The Ascott, Jakarta, Somerset Grand Citra and Country Woods; • Philippines – Somerset Millennium and Somerset Salcedo Property; • China – The Ascott, Beijing, Somerset Grand Fortune Garden Property and Somerset Xu Hui; and•

Analyst Reports

UBS (Ascott Group)
-- Capitaland offers S$1.73 / shares 08012008
-- Cessation of coverage 28022008
UBS (Ascott Residence Trusts)
-- Q108 result; lower PT to reflect currency adjustments 23042008

CIMB GK (Ascott Group)
-- Capitaland offers buyout S$1.73 per share 08012008
CIMB GK (Ascott Residence Trust)
-- In all the right places 18032008

DBS Vickers (Ascott Group)
-- Growing with confidence 16072007

Morgan Stanley (Ascott Group)
-- Reiterate OverWeight : Chugging along nicely 24042008

Citi (Ascott Residence Trust)
-- Downgrade to hold, Vietnam fears overdone 06062008
-- Buy, Commendable Organic Growth 23042008

Merill Lynch (Ascott Residence Trust)
-- 1Q08 Results 23042008
-- Assets likely to exceed S$2Billion by end 2008; reiterate Buy, 25072007

Ascendas India Trust

2008-07-14T00:48:00.000-07:00

Background

Invest in Singapore’s First Listed Indian Property Trust Ascendas India Trust (a-iTrust), seeded by four world-class IT parks in India, provides investors an opportunity to invest in India's fast-growing economy. a-iTrust is established with the principal objective of owning income-producing real estate1 used primarily as business space in India. a-iTrust may acquire and develop land or uncompleted developments to be used primarily as business space, with the objective of holding the properties upon completion.

Structure of a-iTrust

The following diagram illustrates the relationship between a-iTrust, the Trustee-Manager and the Unitholders :

Analyst Reports

Citi

-- Buy : Key takeaways from Citi's global property CEO conference 07032008

DBS Vickers

-- Proxy to India's IT Park Real Estate Market 02052008

-- Strong acquisition pipeline 13092007

Merill Lynch

-- New Buy : Quasi REIT with development upside 31082007

UBS

-- First Pure play on India's IT office growth 19122007

Armstrong Industrial Corp. Limited

2008-07-14T00:38:00.000-07:00

Background

Established in 1974, Armstrong Industrial Corporation first started out as a contract supplier of rubber foam parts for the marine industrial sectors. Since then, the company has grown to become a leading precision engineering specialist in various industries and regions.
In providing precision engineering solutions in Precision Die-Cut, Rubber Moulding, Metal Stamping, Heat Press Moulding & Vacuum Forming for the support of customers in diverse industries, over 300 multi-national clients have chosen Armstrong as their strategic partner for their long-term requirements and operational needs.
Manufacturing excellence and expertise coupled with a culture of absolute commitment in continuous improvement has seen Armstrong propel and expand into regional markets. From the period of 1982 to 1996, Armstrong has penetrated into regions of Malaysia, Thailand, Indonesia and China so as to serve the growing markets.
REGIONAL EXPANSION
1982 - Malaysia
1992 - Thailand
1995 - Indonesia
1996 - China
Today, the Armstrong Group has positioned Itself to serve the customers with multiple manufacturing sites in each country. Head office in Singapore, corporate planning, marketing and operations support are being implemented and executed to all regional operations. Armstrong will focus on enhancing engineering and manufacturing processes to meet the needs of the industry and to achieve total customer satisfaction. With that, the company is well on its way to greater achievements and long term growth in its operations.

Analyst Reports

CIMB GK

-- Positive momentum continues 02012008

-- Strong as ever 28022008

-- Still strong 13052008

-- Fully armed 09062008

Kim Eng

-- From strength to strength 28022008

Armada

2008-07-14T00:32:00.000-07:00

Background

Incorporated in 2003, Armarda Group Limited is an IT and professional services provider focused on serving the People's Republic of China (“PRC”) banking and financial services industry. The Group provides an integrated suite of IT professional services that address the needs of PRC banks as they transform and enhance their systems to prepare themselves for increasing foreign competition.
Under the Group's IT Consulting Services business, Armarda provides IT strategy review and formulation, IT infrastructure architecture and technology integration to banks and financial institutions. To perform such services, Armarda is backed by a strong team of IT professionals who hail from internationally renowned technology firms. Their depth of understanding and first-hand experience of the PRC's banking sector, coupled with knowledge of the advanced banking systems in developed countries, provide us with a distinct competitive edge to capitalize on the modernization of domestic financial institutions. Presently, some of our major customers include two of the first tier banks in the PRC such as the Bank of Communications and China Construction Bank, and second tier bank, Shenzhen Commercial Bank, Chongqing Commercial Bank and the Rural Cooperation Credit Bureau of Zhejiang.
The Group has forged close ties with leading technology vendors such as IBM, Electronic Data System, Oracle and Sybase. Armarda has also been certified with the ISO 9000 and the Third Tier of Computer System Integration qualifications for its excellency in quality control.
Armarda has established operations in Beijing and Zhuhai, as well as a wide network of service depots throughout China for its IT Consulting business. Leveraging on our extensive experience in the PRC banking sector and partnerships with leading technology vendors, we believe Armarda is poised to address the huge business potential in the PRC banking and financial services sector.

Analyst Reports

NRA Capital
-- Bottomline driven by strong contributions from associate 25042008

SIAS
-- Building sustainable revenue stream 18032008
-- Growth will resume in 2008; Buy 25012008

ARA Asset Management

2008-07-14T00:27:00.000-07:00

Background

ARA Asset Management Limited is an Asian real estate fund management company focused on the management of public-listed REITs and private real estate funds. Its currently manage REITs listed in Singapore, Hong Kong and Malaysia, private real estate funds that invest in Singapore, Hong Kong, Malaysia and China, and a specialist equity fund that invests in REITs and listed infrastructure and utilities trusts in the Asia-Pacific region. Its business comprises three primary segments namely REIT management, private real estate fund management and specialist equity fund management and corporate finance advisory services.

Analyst Reports

Credit Suisse
-- Still expecting to double AUM by 2011-2012 01042008
-- Results in line, steady income 08052008

DBS Vickers
-- Power of the Dragon 08052008

Aqua-Terra Supply Co. Limited

2008-07-14T00:22:00.000-07:00

Background

The Company was incorporated in Singapore on 5 January 2001 under the name of Zadeena Pte Ltd. In January 2001, it acquired the business assets of Aqua-Terra Supply Co Pte Ltd from MTQ Corporation Ltd and on 7 April 2001, it changed its name to Aqua-Terra Supply (2001) Co Pte Ltd. On 4 September 2003, the Company further changed its name to Aqua-Terra Supply Co Pte Ltd. On 29 January 2004, the Company was converted into a public company and changed its name to Aqua-Terra Supply Co Limited.The Company is principally engaged in the distribution of consumable products used by companies in the oil and gas, mining, general hardware and marine industries. It currently has 13 authorised distributorships for over 150 types of consumable products such as lubricants, tools, couplings, welding rods, wire ropes, shackles, anti-wear and anti-corrosion fluids, and safety products. To complement its distribution business, the Company provides supporting engineering services such as fabrication of rubber hose, repair and maintenance of the products it distributes to the oil and gas companies. It has operations in Singapore and a representative office in Malaysia. Its customers are mainly from North Asia and South Asia.

Analyst Reports

DBS Vickers
-- Negative Surprise from Alibaba 28022008

Phillip Securities
-- New Growth Avenue 08012008

Anwell Technologies Limited

2008-07-14T00:13:00.000-07:00

Background

Anwell is a global supplier of advanced manufacturing equipment and process technologies. Founded in 2000 with its head office in Hong Kong, Anwell was first established in optical media equipment industry riding along the strong expansion of the blank optical disc market. With the strong expertise in process R&D, Anwell has established itself initially as a leading supplier of optical media equipment. Being an expert in automation system and process engineering with its core technologies of of thin-film and vacuum coating, Anwell extends its strength over the global Photovoltaic industry and OLED (Organic Light Emitting Diode) industry. We understand manufacturing solution is a perfect compound of hardware and process. There is no short-cut to success. We believe only in persistent R&D and process engineering that can lead us to the best solutions. We are committed to provide world class manufacturing equipment to hi-tech industrial sector to generate maximum return for each of our customers.

Analyst Reports

WestComb Securities

-- Plant visit note 1212207

Amara

2008-07-13T23:55:00.000-07:00

Background

The Company was incorporated on 21 August 1970 under the name Teo Teck Huat Enterprises (Pte) Ltd. It changed its name to Teo Teck Huat Investments Pte Ltd and subsequently to Amara Hldgs Pte Ltd on 6 July 1995. In the 1930s, the late Teo Teck Huat founded the business which started as a building construction company.To capitalise on the growth of the tourism industry in Singapore, the Group expanded into hotel investment and management and developed the Amara Hotel and Shopping Centre in the mid 1980s. Following that, to complement its hospitality management operation, Amara set up a number of specialty restaurants and a food court. In 1996, Amara expanded overseas into Vietnam ("Amara Saigon") and continued to broaden its presence in the region with another hotel investment in China, Amara Chengdu, in 1999.

Analyst Reports

BNP Paribas
-- Tapping the Tanjong Pagar Yuppies 01102007

DBS Vickers
-- Exciting times ahead 25092007

UBS
-- Inline 3Q07 result bouyed by property sales 14112007
-- Solid FY07 Results 03032008
-- Cessation of coverage 14052008

Allied Tech

2008-07-13T23:51:00.000-07:00

Background

Allied Singapore was incorporated in Singapore on 31 August 1990. It adopted its present name on 12 May 2003.Allied Technologies is a manufacturer of precision stamped metal parts. It provides vertically integrated precision manufacturing services, including design and product development, prototyping services, tool and die fabrication, mass production, plastic injection moulding and mechanical sub-assembly services to a wide base of customers. As part of its drive to be a leading original design manufacturer (“ODM”) in the electronics and precision engineering industries, the Group commenced its LCD monitor assembly operations in 2004.To ride on the growing outsourcing trend in Asia by multi-national corporations, Allied Technologies set up its first overseas plant in Shanghai, China in 1997. Since then, the Group has established more production facilities in low-cost bases to be close to its customers and improve its cost competitiveness. Today, Allied Technologies has a total of thirteen production facilities in Asia, namely, four in Singapore, four in Vietnam, three in China and two in Malaysia.The Group’s major customers include the Hewlett-Packard Group, the Celestica Group, the Flextronics Group and the Venture Group, who have been customers of Allied Technologies since 1994/1995. Other major customers include Taiwanese MNCs such as the BenQ Group and the ASUS Group. Major product segments range from computer and computer peripherals, consumer electronics equipment, office equipment, audio and visual equipment, to automotive parts.

Analyst Reports

Kim Eng Securities
-- Bank convenants breached 13032008
-- Meeting strong headwinds 22052007

Allgreen

2008-07-13T22:56:00.000-07:00

Background

The Company was incorporated in Singapore on 16 May 1986 under the name Allgreen Investments Ltd. Its name was subsequently changed to Allgreen Properties Ltd. Allgreen is the Singapore property enterprise of the Kuok Group. Allgreen’s core businesses comprise property development, property investment, hospitality, project and property management, construction and building supplies trading. The Group’s assets are primarily domestic.Allgreen is engaged in construction, project management and sourcing of building materials through its wholly-owned subsidiaries - Leo Property Management Pte Ltd, Wyndham Construction (Pte) Ltd and Wyndham Supplies Pte Ltd.Allgreen’s primary focus is on residential property development in Singapore. It has a significant landbank of 2.2 million sq ft of attributable gross floor area of residential developmentas at 31 December 2006.The Group has a successful track record of strong take-up rates for its projects. A diverse portfolio of development projects caters to a wide spectrum of homebuyers’ needs and budgets –including apartments, condominiums, cluster houses, terraced and semidetached units. Currently, the Group has 13 residential projects on hand.The Group’s investment property portfolio includes four properties. The wholly-owned flagship Great World City is one of Singapore’s largest integrated property developments and comprises two 18-storey office towers connected by a 4-storey office podium, a 4-storey retail mall and 304 serviced apartments.Other investment properties are owned through a 55.4 percent stake in Cuscaden Properties Pte Ltd, which owns the Traders Hotel, a 546-room property near Orchard Road; Tanglin Mall, a 4-storey shopping complex targeted at a niche market; and Tanglin Place, a 4-storey commercial complex.

Analyst Reports

CIMB GK
-- Not the time to accumulate yet 29022008
-- No escape from stalemale 29042008

Citi
-- Company -in-depth 13082007
-- Buy : Trading at 8.6% below book value 28022008

DBS Vickers
-- All ready 29022008

Deutsche Bank
-- Increasing footprint in China 07122007
-- Strong FY07; uncertainty over launch timing 29022008

JP Morgan
-- Tagging along with big brother in China 10122007

Macquarie Securities
-- Residential worries largely price in 29022008

Morgan Stanley
-- Some value to be extracted 29022008

UBS
-- 30% Below stated book 02062008
-- 2007 EPS 7% above UBSe, remain cautious 29022008

UOBKayHian
-- FY07 : Above Expectations 29022008

Allco Commercial REIT

2008-07-13T22:47:00.000-07:00

Background

Allco Commercial Real Estate Investment Trust (“Allco REIT”) is a Singapore-based real estate investment trust managed by Allco (Singapore) Limited (“Manager”). The key objectives of the Manager are to deliver regular and stable distributions to Unitholders, and to achieve long-term growth in such distributions and the net asset value per Unit in order to provide Unitholders with a competitive rate of return for their investment. The Manager’s principal investment policy is for Allco REIT to invest primarily in real estate and real estate related assets in the office and retail sectors in Singapore, other parts of Asia and Australia. Allco REIT’s current portfolio spans high quality assets in Singapore, Japan and Australia, being:? a 100% interest in the China Square Central Property, Singapore? a 100% interest in 55 Market Street, Singapore? a 100% interest in KeyPoint, Singapore? a 100% interest in Cosmo Plaza, Osaka? a 100% interest in Galleria, Osaka? a 100% interest in Aco Azabu, Tokyo? a 100% interest in Ebara, Tokyo? a 50% interest in Central Park, Perth? a 50% interest in Centrelink, Canberra? an investment in the Allco Wholesale Property Fund, which has a 50.0% interest in each of Ernst & Young Centre and World Square Retail Complex and Public Car Park in Sydney and a 100% interest in Neeta Shopping Centre in Sydney.

Analyst Reports

Credit Suisse
-- Divesments Of Assets 11032008
-- Parent In Talks To Sell Assets 18022008

DBS Vickers
-- Unlocking its assets value 11032008

Merrill Lynch
-- 2Q07 Results, DPU up 24% 26072007

Nomura
-- Debt refinanced 22032008

Afor

2008-07-13T22:36:00.000-07:00

Background

The Company was incorporated in Singapore on 9 April 2002 as a private company under the name of Afor Pte Ltd. The Company was converted to a public company and changed its name to Afor Limited on 10 December 2007.Afor Limited is a one-stop premium retailer specialising in the sale of Apple brand products and its complementary products. Its products are sold to the retail market through its EpiCentres located in Wheelock Place and Suntec City Mall. In September 2007, Afor opened its EpiCentre@Pavilion at Pavilion Kuala Lumpur in Malaysia.The Group’s products can be categorised primarily into the following groups:-(i) Apple Brand ProductsAs an Apple Premium Reseller, its retail Apple brand products which include iPods, Macs, Apple TV, accessories (like earphones, armbands, charging docks, keyboards, mouse, remotes, cable, connectors and adaptors) and a variety of software. In addition, to complement the sale of Apple brand products, the Group also offers AppleCare Protection Plans which extend the service and support coverage for the customers’ Apple brand products beyond the original one year warranty period.(ii) Third-Party and Proprietary Brand Complementary Products and Other Productsa) Third-Party Brand Complementary ProductsThe Group sources for complementary products of other brands to meet the varied needs of its customers. Products offered under third-party brands complement its Apple brand products. The more popular third-party brands we offer are Bose, Belkin, DLO, Specks, V-moda, and Griffin relating to products such as earphones, FM transmitters, speakers and protective casings. It also offers a wide range of software such as Adobe (creative software), Microsoft (operating systems and office software), Roxio (CD-Rom disc burning software), Symantec (anti-virus software).b) Proprietary Brand Complementary ProductsThe Group started to market and retail a range of complementary products under its own proprietary brand, "i".

Analyst Reports

DMG & Partners
-- Electronic Retail Therapy 12022008
-- Growing As Planned 15022008

AEM Holdings

2008-07-11T02:58:00.000-07:00

Background

AEM Holdings (AEM) is a public-listed company on the Singapore Exchange. AEM is in the core business of design and manufacturing of equipment, precision engineering products, chemicals and organic substrates as well as providing engineering materials and services to the microelectronics industry.
The company envisions to be among the world's leading companies supplying assembly, packaging equipment, materials and services to the global electronics industry and has grown to become a company with sales revenue of more than US$100 million and a worldwide workforce of 1,100.
AEM has established itself in Malaysia, Philippines, China to support and complement the overall operations in Singapore.

Substrates and System Packaging
AEM Holdings design, develop and manufacture organic substrates, which are raw materials required in the electronics industry. We provide one-stop solution from design to volume production in our facility. O/ur products include ball-gridarray (BGA) packages, chip-scale packages (CSP), flip chips, advanced RF modules and systems-in-package (SiP). With the advent of the convergence of technologies between substrates and printed circuit boards (PCBs), we are diversifying into new products and development of micro-PCBs modules and advanced chip-on-board (COB) products.
Precision and System Integration

Equipment
The company design, develop and manufacture equipment for the assembly, testing and finishing process of semiconductor manufacturing. We supply equipment for each individual process, as well as integrate the various processes into asingle machine using our in-house design capabilities. Our products include laser marking, de-flashing, plating, solder dipping, vision inspection, lead conditioning, packaging systems and chip test handlers.

Precision Engineering & Distribution

The Company design, develop and manufacture precision engineering products used in the electronics, life sciences and aerospace industries. Our products include test sockets, device change kits, stiff eners and preventive maintenance kits, as well as distribution of engineering plastic products.

Materials and Services
The Company develop processes and associated chemical formulations for surface finishing in the electronics industry including de-flashing, solder dipping and plating of the leads of semiconductor components and connectors.
We provide surface fi nishing services for highend specialised requirements in de-flashing and plating of connectors as well as contract manufacturing services such as re-packing, re-balling and modules assembly services tothe electronics manufacturing industry.

Analyst Reports

DBS Vickers

-- Earnings Dip Into The Red 22022008

Advance SCT Limited

2008-07-11T02:39:00.000-07:00

Background

Advance SCT Limited has transformed itself into a global copper supply chain manager. The Group provides a complete copper material solution from global sourcing and processing to eventual global sales and distribution of copper materials and related products. The supply chain was a natural evolution from its original business of providing printed circuit board (“PCB”) testing and finishing services to PCB manufacturer that both consume and generate copper related materials in the course of their business. The copper supply chain now forms the significantly larger part of the Group’s business.
The Group’s growth has been well supported by its strength in material sourcing, processing, logistics, marketing and distribution. The Group continues to build a global sourcing network and enhance its regional footprint with scrap copper collection centres spanning across South-East Asia in countries like Singapore, Malaysia, Indonesia and Thailand. It further expands its supply chain by venturing into copper smelting, refining and manufacturing through the acquisitions of a copper smelter at Pulau Indah (near Port Klang) in Malaysia and a copper smelter in Shenyang, China, as well as the ongoing construction of a copper refinery and manufacturing plant in Singapore. The processes of smelting, refining and manufacturing will add value to the copper materials processed by the Group as well as broadening the copper end products offered to its customers.
Since its listing on 24th November 2004, Advance SCT Limited has expanded its operations with an experienced and dedicated team. The Group looks forward to working on growing its profitability, expanding the supply chain it manages, creating greater shareholders’ value and enhancing environmental protection through its integrated copper supply chain management business.

Analyst Reports

DBS Vickers

-- Disappointing Execution 28022008

DMG

-- Moves To Expand Copper Smelting Capacity 03102007

Kim Eng

-- Trash To Treasure 14012008

-- In The Bargain Bin 29022008

Advance Modules Group Limited

2008-07-11T02:27:00.000-07:00

Background

The Company first bought over a dormant company that was incorporated in Singapore on 18 February 2004, on 10 January 2005, and renamed it to Advance Modules Group Pte Ltd. On 29 August 2005, it adopted the current name.The Group is principally engaged in the manufacture of memory modules and flash memory products that are used in electronic applications.Today, the Group manufactures OEM products for multinational corporations such as Infineon Technologies AG as well as manufactures its own proprietary brands of memory modules, which are marketed under “Advance Modules”, “AM Plus+” and “AMV”.The memory modules products manufactured by the Group are suitable for use in personal computers, laptop, office servers and workstation while the flash memory products are used fir digital cameras, mobile phones and MP3 players.Advance Modules has manufacturing facilities located in Shah Alam, Malaysia and Shanghai, China as well as sales offices in Hong Kong and USA to provide technical and sales support to customers and end-users overseas. Its products are marketed worldwide particularly in the Asia Pacific region, the Americas and Europe.

Analyst Reports

SIAS Research
-- Another Tough Year, Avoid 25032008
-- Results Revision 25042008

Advance Holdings Limited

2008-07-11T02:16:00.000-07:00

Background

Started in 1993 to create a niche business by combining its engineering expertise in the supply of process equipment, Advanced Holdings Ltd. ("Advanced") has today established itself as a specialist company which designs and supplies process equipment to cater to the different needs of its customers in the chemical and petrochemical, oil and gas, power generation and micro-electronics industries. Some of our major customers include China Petrochemical International Co., Ltd., CNCCC International Tendering Co., Ltd., China Petroleum Material and Equipment (Group) Corporation, Chinaoil Dalian International Trading Co., Ltd., Shanghai Coking & Chemical Co., Ltd., China Perfect Machinery Industry Corp., Ltd Process equipment are engineered devices and systems used in a wide range of industrial and laboratory applications for the proper, safe and efficient operation of process plants. Our Process Equipment includes odorant injection systems, chlorination systems, wellhead panels, process analyser systems and gas booster systems. Applications include process controls, measurement, analysis, monitoring and operations.

Supported by its experienced engineering team, Advanced leverages on the latest available models and technologies and offers customised Process Equipment solutions for niche applications. Its capabilities include design and product development, prototyping, integration, installation and commissioning, as well as after-sales maintenance and repair of Process Equipment. Attesting to the quality of its design capabilities, Advanced has been awarded the ISO9001:2000 by the Bureau Veritas Quality International.
In developing its Process Equipment, Advanced collaborates closely with its principals who are reputable international equipment manufacturers often specified in the approved vendor lists of the Company's customers. To date, Advanced's list of exclusive distributorships includes leading names such as Z&J Technologies GmbH; Thermo Electron Corporation; Guided Wave, Inc.; Perrin GmbH; Optical Solutions, Inc. and Bigelow-Liptak Companies.

Key Markets and Industry Focus

Advanced's key markets are the PRC and Singapore. Besides the PRC and Singapore, Advanced also has a base of global customers having handled projects for customers in Malaysia, South Korea, Hong Kong and United Kingdom.
Of these, Advanced has identified the PRC and South Korea as lucrative growth markets given their potential to develop into huge end-market bases for the main industries which it serves and therefore, it intends to further expand its distribution network and customer base in these two countries. In August 2004, the Group established its representative office in Seoul, South Korea.
For the financial year ended 31 December 2003, approximately 63.8 per cent. and 27.4 per cent of Advanced's revenue were generated from the chemical and petrochemical, and the oil and gas industries respectively.
With its five offices strategically located in Singapore, Malaysia, the PRC (Shanghai and Beijing) and South Korea (Seoul), Advanced is well-positioned to tap into the further growth of its these industries in the region.Future Plans.
Moving forward, Advanced intends to expand its regional sales network and customer base through setting up a representative office in Guangzhou, the PRC. In the PRC particularly, Advanced is setting its sights on larger scale projects - those above US$1 million in contract size - especially in the chemical and petrochemical industry.
Concurrently, it is also aiming to be a single source supplier of Process Equipment for the chemical and petrochemical industry by providing a wider range of products and thus widening its customer base.
Advanced also intends to further grow its business through acquisitions, investments, strategic alliances and / or joint ventures should opportunities arise. For a start, the Company is exploring the possibility of setting up of manufacturing facilities with its principals in the PRC to further strengthen its foothold in the market.

Analyst Reports

CIMB GK

-- Improved Margins 13052008

-- Into Clean Energy 20022008

Addvalue Technologies Limited

2008-07-11T01:57:00.000-07:00

Background

The Company was incorporated in Singapore on 27 April 1996. It was founded by several engineers, a group of individuals and a corporate investor to engage in the design and development of communications technologies and products. Its customers include global leaders in the communications, IT and electronics industries, such as Microsoft, GE Thomson and National Semiconductor. Addvalue is provides comprehensive satellite communication solutions, tracking and telemetry communications solutions and digital wireless design services. Its customers and business partners include global leaders in the communications, information technology and electronics industries.Headquartered in Singapore, the Group employs over 90 people and serves a global market with customers in North America, Europe and Asia.

Analyst Reports

CIMB GK
-- Earnings Breakthrough In The Cards 21052007

Kim Eng Securities
-- Takes First Steps Into The Middle East 06092007

Adampak Limited

2008-07-11T01:47:00.000-07:00

Background

We are principally involved in the manufacture of pressure-sensitive labels, seals and other die-cut components mainly for the following industries:
Electronics, Pharmaceutical/medical equipment and supplies, and chemical
We have an extensive customer base which includes MNCs known generally for their stringent quality requirements. Our major customers include Seagate, HP, Western Digital and Maxtor.
Our products include the following:
Information labels - convey messages such as electrical hazard warnings, operating instructions, product information and specifications and regulatory markings for computer and peripherals, consumer electronics, pharmaceutical, industrial, commercial and other consumer products
Blank labels - for customers' own printing of non-standard variable information, eg. serial numbers and shipping destinations
Bar code labels - specially-patterned bars and spaces designed for identification purposes and read with a bar code scanning machine
Seals - made of aluminium or polyester facestocks used for sealing purposes mainly for hard disk drives
Other die-cut components - for industrial applications such as bonding, sealing, protection and shielding for electronics, telecommunication and other equipment
We have manufacturing facilities in Singapore, the Philippines and Thailand. In addition, we have manufacturing presence in Malaysia and the PRC through some of our associated companies.

Analyst Reports

CIMB GK
-- Uncertain Times Ahead 03032008
-- Risks Are Increasing 14122007

WestComb
-- FY07 Results : In Line With Expectations 28022008

Ace Achieve

2008-07-11T01:28:00.000-07:00

Background

The Company was incorporated in Bermuda on 11 June 2004 under the name of Ace Achieve Infocom Limited.Ace Achieve is a provider of telecommunications solutions and products in China, focusing on the design and development of customised telecommunications solutions and products that are suitable for various telecommunication networks such as fixed line, GSM, CDMA, CDMA2000 and PHS. Its telecommunications solutions and products enable its customers to establish and/or enhance the efficiency and efficacy of their telecommunications networks as well as capture new markets and gain a competitive advantage through the provision of resources and capabilities for new products and services beyond basic telephony.Its key customers include telecommunications companies in China, such as:China UnicomChina NetcomChina TelecomChina MobileIts businesses can be categorised into the following divisions:Telecom applications solutionswireless coverage solutionsoperation support and business support systemsbroadband data products .

Analyst Reports

Westcomb

-- Disappointing 1H08's Result 15012008

Blog Disclosure

2008-07-08T03:48:00.000-07:00

This blog is a personal blog written and edited by me. For questions about this blog, please contact StockFanatic. This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation.
The compensation received will never influence the content, topics or posts made in this blog. All advertising is in the form of advertisements generated by a third party ad network. Those advertisements will be identified as paid advertisements.
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Z

2008-06-28T07:17:00.000-07:00

Z-Obee
Zagro
Zhongguo Jilong Ltd
Zhonghui

Y

2008-06-28T07:16:00.002-07:00

YHI
Yaan
YangZiJiang
Yanlord Land
Yellow Pages
Yeo Hup Seng
Yoma
Yong Xin
YongMao
YongNam
Youcan

X

2008-06-28T07:16:00.001-07:00

Xpress

W

2008-06-28T07:14:00.000-07:00

WBL Corp
WanXiang
Wee Hur
Wepco 500
WesTech
Westcomb
Wheelock
Willas-Array Elec
Wilmar International
Wing Tai

V

2008-06-28T07:12:00.000-07:00

VDH Energy
VGO Corp
Vicom
Valuetronics
Vashion
Venture
VibroPower
Vicplas
Vita
Viz Branz

U

2008-06-28T07:06:00.000-07:00

United Engineers Ltd
UIC
Uinted Int'l Securities Ltd
UMS
UOB Bank
UOB KayHian Pte Ltd
United Overseas Insurance Ltd
UOL
United Pulp & Paper Co. Ltd
Ultro Technologies Ltd
Uni-Asia
UniFiber
UniFood
Unidux Electronics Ltd
Unified communications Holdings Ltd
Union Steel
Unionmet
Unisteel
UtdEnvirotech
United Overseas Australia

T

2008-06-28T07:00:00.000-07:00

Tan Chong Int'l Ltd
Thai Beverage
TMC Education
TPV
TSH Corporation Ltd
TT International
TTL
Tai Sin
Tat Hong
Tat Seng
TechOil&Gas
TechComp
Teckwah
Tee
Telechoice
Teledata
TexchemPack
Thai Village
Thakral
Thomson Medical
TianjinZ US$
Time Watch
Tiong Woon
Top Global
Transit
Transmarco Ltd
Transpac Industrial Holdings Ltd
TransView
Travelite
Trek
Tri-M
Tsit Wing Int'l Holdings Ltd
Tuan Sing
TungLok
TyeSoon
Tran

S

2008-06-28T06:40:00.000-07:00

2ndChance
SIA
S'pura Finance
SatServices
SBS Transit 500
SC Global
SGX
SHC Cap
SIA Engineering
Sky Petrol
SMB United
SMRT
SNF Corp
SNP 500
SP Ausnet
SP Chemical
SP Corp
SPC
SPH
SSH Corp
ST Engineering
StatsChipPac
STX PO
Sunmoon
SaizenREIT
Samko
Samudera
San Teh
Santak
Sapphire
Sarin
Scorpio East Holdings Ltd
See Hup Seng
Select
Semb Corp Industries
Semb Corp Marine
Serial
Shang Asia 2kHK$
ShangTurbo
ShanghaiAC 2k HK$
ShanghaiAsia
Shining
Showy
Sihuan
Silverlake
Sim Lian
Sim Siang Choon Ltd
SinGheeHuat
Sincere Watch
Singapore Food Industry
Sing Investments & Finance Ltd
Sing Holdingd Ltd
SingPost
SingTel
SingXpress Ltd
Sino-Environment
Sino Construction Ltd
SinoTechFibre
SinoBest
SinoMem
Sinopipe
Sinostar
Sinotel
Sinwa
Sitra Holdings
Sky One
SoilBuild
SoonLian
Soup Restaurant
Southern Packaging Group Ltd
Singapore Computer System Ltd
SingLand
Singapore Shipping Corporation
Singapore Reinsurance Corporation Ltd
Singapore Windsor Holdings Ltd
Spindex
Straits Trading Co. Ltd
Stamford Land
Stamford Tyres
Star Cruise US$
StarHub
Star Pharmacetical
Straco
StraitsAsia
StraTech
Summit
Sun East
Sunvic
Sunlight
Sunmart
Sunning Tech
Sun Power
Sunray
Sunright
Sunshine
Suntec REIT
Sunway
Superior Fastener
Superior Multi-Packaging Ltd
Supper Coffee
SuperBowl
Surface Mount Technology
Swiber
SwingMedia
Swissco
Synear

R

2008-06-28T06:38:00.000-07:00

RH Energy
RSH
Radiance
Raffles Education
Raffles Medical Group
Reyoung
Reyphon
RichLand
Rickmers
Riverstone
Rokko
Rotary
Rotol
Rowsley
Roxy-Pacific

Q

2008-06-28T06:37:00.000-07:00

QAF
QianHu

P

2008-06-28T03:21:00.000-07:00

PCA Tech
PCI
People Food
ParkwayLife REIT
PM Data
PNE Industries Ltd
PNE Micron Holdings Ltd
PSC Corporation Ltd
PSL holdings Ltd
Pacific Andes
Pacific Century
PacificShipTrust US$
Pacific HC
Pan Asian
Pan Hong
Pan United
Parkway Holdings
Penguin
Pertama
Petra
Pharmesis
PineAgritech
plastoform
Plato Cap
Poh Tiong Choon Logistic Ltd
Pokka Sp
Popular
Portek
Progen Holdings Ltd

O

2008-06-28T03:18:00.000-07:00

OCBC Bank
OKP
Osim
OUE
OakWell
Ocean International
Ocean Sky
Oceanus
Oculus
Olam
Old Chang kee Ltd
Omega Navigational 50
Oniontech
Orchard Parade
Orient Century
Orient Food
Ossia
Ouhua
Over&Gene A$

N

2008-06-28T03:14:00.000-07:00

NEL Group Ltd
NH Ceramics Ltd
NOL
Novena
NTI International Ltd
Nam Lee
Natcool
Natsteel
NeraTel
NeteLusion
New Toyo
New Wave
NewLakeside
Nico Steel
Nippecraft
Nobel Design Holdings Ltd
Noble Group
Noel
Novo Group
Ntegrator

M

2008-06-28T03:04:00.000-07:00

M1
Map Technology Holdings
MCL Land
MDR
MFS Tech
MIDAS
MI Tech MFG Integration Technology Ltd
MP REIT
MTQ Corporation Ltd
Macarthurcook Industrial REIT
Macquarie Int'l Infra Fund Ltd
Magnus
Man Wah
Mandarin Oriental US$
Manhattan Resources
Mapletree Logistic Trust
Marco Polo
Matex
Medic-Flex Ltd
MediaRing
Medtecs International Corp Ltd
Megachem
Meghmani SDS
Meiban Group
Memory Device
MemStar Technology
Memtech international Ltd
Mencast Holdings Ltd
Mercator
Mermaid
Metal Component Engineering Ltd
Metax Engineering
Micro-Mechanics (Holdings) Ltd
Middle East Development S'pore Ltd
Midsouth
Miyoshi
MultiChem
Multistar

L

2008-06-28T02:54:00.000-07:00

L-Jacob
LANKom Electronics Ltd
L.C. Development Ltd
LHT Holdings Ltd
Low Keng Huat (SG) Ltd
LMA international
Lafe Corporation Ltd
Lantrovision (S) Ltd
Lasseters International Holdings
Lee Kim Tah Holdings Ltd
Lee Metal Group Ltd
Leeden Limited
Lereno Bio-Chem Ltd
Lexicon Group
Li Heng
Lian Beng
Liang Huat
Life Brandz Ltd
Linair technologies Ltd
Link Hi Holdings Ltd
Lion AsiaPac Ltd
Lion Teck Chiang Ltd
Lippo MapleTree Indo Retail Trust
Lizhong Wheel Group Ltd
LongCheer
Lorenzo
LottVision Ltd
Lum Chang Holdings
Lung Kee (Bermuda) Holdings Ltd
LuxKing
Luzhou

K

2008-06-28T02:50:00.000-07:00

K plas
K-REIT
K1 Venture
KLW Holdings Ltd
KS Energy
KSH Holdings
KTL Global
KXD
Karin
KedaCom
Keppel Corp
Keppel Land
KepT&T
Khong Guan
Kian Ann
Kian Ho
Kim Eng Holdings
Kinergy
King's SW
KingWan
KingBoard
Kingsmen Creatives
Koda
Koh Brothers
Konami Yen1k
Koon
Kyodo-All

J

2008-06-28T02:45:00.000-07:00

JES
JK Tech
JK Yaming
Jardine Matheson Holdings 400 US$
Jardine Strategic 500 US$
Jacks International Ltd
Jackspeed
Jadason
Jade
JapanLand
Jardine Cycle & Carriage
Jasper Investment Ltd
Jaya Holding
Jets Technics
Jiutian Chemical
Joyas
Juken Tech
Junma
Jurong Cement
Jurong Tech

I

2008-06-28T02:09:00.000-07:00

IDT Holdings (SG) Ltd

IFS Capital Ltd

IPC Corp

IPSCOM international press softcom

ISDN Holdings Ltd

Internet Technology Group

Inchem Holdings Int Ltd

IndiaBills Properties Investment Trust

Indofood Agri Resources Ltd.

Informatics
Inno-Pacific Holdings Ltd
InnoTek
Innovalue
Inter-Roller
Interra Resources
Intraco
Ionics
Ipco
Isetan (SG)

H

2008-06-28T02:02:00.000-07:00

HG Metal
Hisaka
HongKong Land US$
Hong Leong Asia
Hong Leong Finance
HL Global
HLH
Health management Intl Ltd
Hotel Properties Ltd
HTL International Holdings Ltd
Hartford Education
Haw Par
Heeton
HengXin
Hersing
Hi-P
Hiap Hoe
Hiap Moh
Hiap Seng
Ho Bee
Ho Plaza
Ho Royal
Hotel Grand central Ltd
Hoe Leong
Hong Fok
Hongguo
Hongwei
Hor Kew
Hosen
Hotung US$
Hour Glass
HsuFuChi
HuanHsin
Hup Soon
HupSteel
HwaHong
Hyflux
Hyflux Water Trust

G

2008-06-28T01:55:00.000-07:00

G.K. Goh
GMG
GP Battery
GP Industry
GRP
Gallant
Gates
Gems TV
Genting International
General Magnetics Ltd
Giant Wireless Technology Ltd
Giken
Globa
Global Ariel
Global Test
Global Voice
Golden Agri
Goldtron
Goodpack
GrandBanks
Great Eastern
Greatronic
GuangZhaoIFB
GuangZhou Investment Co. Ltd
GUL Technologies Singapore Ltd
GuocoLand
GuocoLeisure
Guthrie GTS Ltd

F

2008-06-28T01:50:00.000-07:00

F&N
FDS Networks Group Ltd
FJ Benjamin
FM holding
FSL Trust
Fabchem
Falcon Energy Group
Falmac
Fastech
Federal
FerroChina
FibreChem
FinaOne
First REIT
First Link
First Resources
Fischer
Food Junction
FoodEmpire
Foreland
Fortune REIT HK$
Fragrance
FrasersCT
FreightLinks
FrivenCo
Fu Yu
Fuji Offset Plates MFG Ltd
FujianZY
Full Apex
Fung Choi
Furama
Fuxing

E

2008-06-28T01:45:00.000-07:00

8Telecom
E3 Holding
ECS
EDMI
EMS Energy Limited
ETLA limited
Eagle
EastTech
Eastern Holdings Ltd
Eastgate
EcoWise
Elec US$
ElectroTech
Elite KSB
Ellipsiz
EnGro Corp
EngKong
EngWah
Enporis
Enviro-Hub
Enzer
Epure International
Equation
Esmart
Etika
EuYanSang
Eucon
Europtron
Evergro
Excel
Excelpoint
Ezion Holding
Ezra

D

2008-06-28T01:06:00.000-07:00

DBS
DMX Tech
DTAC, Total Access Communication Pub Co. Ltd.
DairyFarm 900 US$
Darco
DataCraft US$
DataPulse
Dayen
Del Monte
Delong Holdings
Design Studio Furniture Manufacturing Ltd.
Devotion
Digiland
Dragon Group
Dutech
Dynamic

C

2008-06-28T00:41:00.000-07:00

C&G Industry
C&O Pharmacetical
C2O Holdings
CDL Hospitality Trust
CDW Holding Ltd
CEI
CFM
CH Offshore
CHT
City Development
CK Tang
CM Pacific
CMZ
CNA
CSC
CSE Global
CWT
Cacola Furniture
Cambridge Industrial Trust
CapitaCommercial Trust
CapitaMall Trust
CapitaRetail China Trust
Capitaland
Carats
Casa
Celestial Nutrifoods
Centillion
Centraland Limited
Cerebos Pacific Limited
Challenger
Changtian Plastics Chemical
Chartered Semiconductor
Chasen
Chem Industry
Chemoil US$
Cheung Woh
China Dairy
China Farm
China Fish
China Great
China HC
China Haida
China Hongxing
China Infra
China Paper
China Petro Tech
China Power plant
China Sky
China Sports
China Sun
China XLX
ChinaACorp
China Auto Electronics
China Aviation Oil
China Angel
China Animal Health
China Bearing
China EnerSave
China Eduation
China Energy
China Eratat
China Essence
China Fash
China FlexP
China Hongcheng
China Jishan
China KangDa
China Life
China Milk
China New Town
China Oil Field
China Precision
China Dye
China Print Power Group
China Sports
China SunSine
China Taisan
China Yuanbang
China Zaino
China Sing Investment Holding Ltd
Chip Eng Seng
Chosen
Chuan Hup
Chuan Soon Huat Industrial Group
Chung Hong
CirPlus
CitySpring
Cityneon
Colex
CombineWill
ComforDelGro
CommDesign
Compact
Contel
Cortina
Cosco Corp
Cosmosteel
Cougar
Courage Marine
Courts Singapore
Craft Print International Ltd
Creative Master Bermuda Ltd
Creative Technology 50
Cyber Village Holdings Limited

B

2008-06-27T23:09:00.000-07:00

BBR
BH Global
BMT 100
BRC Asia
Babcock & Brown
BakerTech
Ban Leong
BanJoo
Banyan Tree
BeautyChina
Benefun 20k
Beng Kuang
Berger
BerlianLaju
Best World
Beyonics
Bio-Treat
Biosensors
Boardroom
Bonvest
Boustead
BreadTalk
BrightWor
Broadway
Brothers
BukitSembawang
Burwill 2K

A

2008-06-27T22:47:00.000-07:00

A-Sonic
AA Group
ABR
AEI Corp
AEM
AGVA
AIM
AP Oil
APB
APStrategic
ARA Asset Management
ASA Group
ASJ
ASL Marine
ASTI
Auric
Aussino
AVJennings A$
Abterra
Ace Achieve
Achieva
ActionAsia
Adampak
AddvalTech
Adroit
Advance Modules
AdvSCT
AdvSys
Advance Holding
Afor
Alantac
Albedo
AllcoReit
Allgreen
Allied Tech
Amara
Amplefield
AnnAik
Anwell
Apex-Pal
Aqua-Terra
ArianeCorp
Armada
Armstrong
AsendasIndiaTrust
AscendasREIT
AscottREIT
Asia Dekor
Asia Environment
Asia Water
Asia Enterprise Holding
Asia Food Pacific
Asia Med
Asia Pharmactical
Asia Power
Asia Silk
Asia Tiger
Asian Mic
Asiaons
Asiatic
Asiatravel
Aspial
Ausgroup
Auston
AutoTouch
Autron
Avaplas
Avi-Tech
Azeus
Aztech

DJ ASIA DAILY FOREX OUTLOOK - East Asia

2008-06-26T20:00:00.000-07:00

Following are expected trading ranges and outlooks for nine secondary currency pairs in East Asia today:
Immediate Range Larger Range

USD/CNY 6.8600-6.8806 6.8000-6.9080
USD/HKD 7.8000-7.8075 7.7943-7.8173
USD/KRW 1,017-1,040 1,010-1,057
USD/TWD 30.200-30.500 29.996-30.892
USD/SGD 1.3647-1.3700 1.3512-1.3871
USD/MYR 3.2500-3.2738 3.2207-3.2800
USD/THB 33.350-33.900 32.442-34.000
USD/PHP 44.36-44.75 43.89-45.00
USD/IDR 9,147-9,240 9,037-9,380

(Ranges are calculated using recent high and lows, information on the placement of option strikes, and technical analysis - Fibonacci levels, trendlines and moving averages.)
USD/CNY - has downward bias after USD tumbled overnight on dismal performance by US equities (DJIA fell to 21-month low), oil futures' $5/barrel leap to new rercord highs. USD/CNY closed yesterday at 6.8657, just above modern-era record low of 6.8612; PBOC surprised observers with higher-than-expected central parity fixing, reigniting debate on pace of CNY appreciation. "The USD/CNY spot has already fallen about 800 points this month. It could be that the PBOC has hit its target and wants to hold off on further (CNY) gains until next month," says trader. 1-year USD/CNY NDFs at 6.4340 vs 6.4250 late yesterday. Spot initial support at 6.8600 (downtrend channel support from May) and then 6.8000 (psychological). Resistance at 6.8806 (10-day moving average), 6.9080 (downtrend channel resistance from May).
USD/HKD - has downward bias as players mull over implications of lukewarm Fed statement Wednesday, and latest EUR strength ahead of likely ECB interest rate hike next week. 1Q US GDP data provided only a bit of solace for USD yesterday, with a slight revision higher to 1.0% rise. Markets paid little attention to US jobless claims, steady last week but still elevated. Dow Jones technical analysis shows USD/HKD support at 7.8000 (psychological), 7.7943 (bottom of uptrend channel in place since March). Resistance at 7.8075 (14-day moving average), 7.8173 (June 12-year high).
USD/KRW - to be rangebound with risk skewed lower. Market remains on intervention watch as Korean FX authorities may discourage excessive downside due to economic growth concerns; month-end export settlements also seen working in favor of USD. OCBC Bank expects further pair downside as "the authorities' inflation bias remains unmistakable" but at slow pace in any case. Trader pegs support near 1,034 on fund repatriation related to foreigners' recent stock selling. Data focus: 0300 GMT South Korea May deposits, loan rates. Dow Jones technical analysis shows support at 1,017 (neckline of potential head & shoulders on hourly charts-June 9, 13 & 18 highs) then 1,010 (June 4 low). Resistance at 1,040 (psychological), 1,057 (May 21 high).
USD/TWD - has slight downward bias after Taiwan central bank raised interest rates yesterday by 12.5 bps as expected; bank was also suspected of intervention at lows yesterday, and insurers were also spotted buying USD - all of which should cap downside despite broad USD weakness. "The central bank will support the USD" to limit losses caused by exporters who usually sell greenback at month-end, says trader. "Overall, USD/TWD looks set to be stuck in a 30.00-30.50 range for the foreseeable future, before eventually trading back up through 31 towards year-end as the external surplus declines due to slowing global growth," says Standard Chartered. Data focus: 0800 GMT Taiwan May leading business indicators. Dow Jones technical analysis shows support at 30.200 (May 6 two-month low), 29.996 (9-year closing low of March 26, coinciding with psychological 30.000). Resistance at 30.500 (psychological), 30.892 (38.2% retracement of Jan-May drop).
USD/SGD - has downside bias as USD keeps sliding. "Unless we see the EUR come off, USD/SGD can keep going lower," trader says. Tips support around 1.3600, where chances of MAS intervention likely to increase. ING says latest disappointing Singapore industrial production numbers "could intensify MAS's worries about growth, which is bullish USD/SGD." Dow Jones technical analysis shows USD/SGD immediate support at 1.3647 (50-day moving average), then at 1.3512 (2008 low). Resistance at 1.3700 (psychological), then at 1.3871 (38.2% retracement of Jan-April fall).
USD/MYR - to be rangebound with risks skewed higher as worries about local political situation, record high oil prices return after brief respite. Traders say MYR still bearish given recent lackluster equity and bond markets. Dow Jones technical analysis shows immediate support at 3.2500 (psychological), then 3.2207 (23.6% retracement of Aug-April fall). Resistance at 3.2738 (38.2% retracement of Aug-April fall), then 3.2800 (psychological).
USD/THB - to be rangebound with risks skewed higher; BOT was suspected of selling USD yesterday from 33.58 to 33.54, and dealers reckon there's some upside left though government survived no-confidence vote as expected. "The BHT is still on a downtrend due to political uncertainty and equity-linked outflows," says trader. RBOS expects THB to fall further this year due to combination of rising political concerns, associated capital outflows and narrowing current account surplus. Revises end-3Q USD/THB forecast to 35.0 from 32.5, end-4Q forecast to 34.5 from 31.5: "events of the last few weeks suggest that a period of prolonged turbulence lies ahead." Data focus: 0730 GMT Thailand weekly international reserves. Dow Jones technical analysis shows immediate resistance at 33.900 (Feb 1 high), then at 34.000 (psychological). Support at 33.350 (10-day moving average), then at 32.442 (38.2% retracement of Aug-March decline).
USD/PHP - has slight downward bias on weaker USD across the board; but downside limited as higher oil prices rekindle inflation fears. Traders see 44.60-44.20 range today. Dow Jones technical analysis shows some downside for pair after it corrected yesterday just below key 44.50 support. Immediate resistance at 44.75, 45.00 (both psychological). Support at 44.36 (14-day moving average), 43.89 (June 17 intraday low, latest close below 44.00).
USD/IDR - to be rangebound with risks skewed lower as effect of spiking oil prices may be offset by Bank Indonesia's latest hawkish comments: deputy governor Hartadi Sarwono said central bank will continue to use "measured" policies toward inflation, which expected to be higher in June than in May, hinting at more rate hikes. But dealer says downside is limited as any slide would whet appetite of oil importers to line up their bids between 9,215-9,225. Traders tip pair in 9,175-9,225 range today. Dow Jones technical analysis shows USD/IDR immediate support at 9,147 (23.6% retracement of Jan-Feb fall), 9,037 (Feb 27 eight-month low). Resistance at 9,240 (200-day MA), 9,380 (3-month high on May 27).
-By David Roman, Dow Jones Newswires, 65 6415 4045, david.roman@dowjones.com
Dow Jones CommentaryPlus Web site: http://www.djcommentaryplus.com/acs
(This article is general financial information, not personalized investment advice, as it does not consider the unique circumstances affecting an individual reader's decision to buy or sell a specific security. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors will not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article.)