Singapore stock market news and announcements 27sept

Hup Soon Global : to acquire 30% to tai kwong yokohoma(listed on the KLSE) to become major player in automotive and battery industry

* Mobile One Ltd - given in-principle approval for the Company's application in respect of the proposed capital reduction exercise of the Company. The Capital Reduction is conditional upon (i) the approval of the shareholders of the Company (the "Shareholders") at the Extraordinary General Meeting to be convened on 24 October 2007; and (ii) the confirmation of the High Court of the Republic of Singapore of the Capital Reduction.

* Equation Ltd - Company and Pacific Capital have mutually agreed to extend the validity period for the Notes Issue to 31 December 2007. By this extension, the Company has been granted further time to submit the application to the SGX-ST for the listing and quotation of the Conversion Shares and to obtain the specific shareholders' approval for the proposed Notes Issue.

* Vibropower Ltd - it has secured overseas projects worth S$10 million in Russia and India. This brings the Group's total orders secured to date this year to S$ 78.6 million, the bulk of which will be delivered by the end of this year.

* Richland Group Ltd - its wholly-owned subsidiary, RichLand Fuyang (S) Pte Ltd, has concluded the Share Transfer and Settlement Agreement and its supplementary version on 24 September 2007 with Hangzhou Huanyu Gift Co., Ltd, in relation to the disposal of the Subsidiary's entire 65% interest in RichLand Global SCM Services (Hangzhou) Co., Ltd. and its settlement thereof RMB4,279,289 (approximately S$857,917) in cash and RMB327,941 worth of fixed assets from HHGC in consideration for the transfer of its 65% equity interest in JV Co to HHGC.

* Samudera Shipping Line Ltd - entered into contracts for the acquisition of two (2) container vessels (“the Vessels”) with a total acquisition price of approximately USD 83,000,000.They are expected to be delivered in fourth quarter of 2008.

MAN WAH: JV bet Man Wah's subsidiary and Xiamen Comfort. Xiamen Comfort is in the business of designing andmanufacturing massage and healthcare products. The objective of the JV is to co-operate and to jointly conduct research and development intoinnovative furniture products. Pursuant to the JVA, the Subsidiary and Xiamen. Funded through internal resources and is not expected to have any material impact on NTA and EPS of group.

FUYU: Proposed sale and leaseback property by subsidiary for 12 years

PACIFIC HEALTHCARE: JV in Mumbai, India for 50% stake in PacHealth Medical Services Pte Ltd valued at 0.59mill SGD. The 5,000 sq ft centre, set up a cost of approximately S$1.2 million, is located in Prabhadevi,a prime residential and commercial district in Mumbai, and fully positions Pacific Healthcare to tap into the growing demand for quality cosmetic surgery and dentistry services by India's fast rising affluent population. NTA and EPS unchanged.

WINGTAI: Rights issue of 72mill new right shares for issue price 2.05, on basis of one to 10.

JADE: Entered into a credit facility agreement of 10 mill with it's major shareholder, Asia Pacific Links Ltd. Entered a sale and purchase agreement to acquire a piece of land in JB for S$17.35mill and selling it at sale price of 27mill. NTA and EPS unchanged.

Richland Group disposes entire stake (65%) in subsidiary Richland Global SCM Services.

Samudera acquires two container vessels worth US$83M

YOMA - company has completed PRPL acquisition, it now holds 52.86% stake in PRPL.

Datapulse. Full Year 07 results. Rev up 16.4%. NPAT up 145%. EPS 0.0249.
DPS 0.02.

China Transcom. Request for suspension.

Darco: Wastewater processing firm. Won a 130mil water purification project in indo with local gov. Under contract, it will provide treated water by the next 18 months. It has also formed a JV with the water authority for the next 20 years. Coy is also trying to secure sizable contracts from Taiwan and Mainland China and Mid East. No front running. Share price increased by close to 10% yest.

Contel: Extends reach to Jap with JP with CIMA, a consumer electronics distributor. This will allow Contel to leverage on CIMA's wide distribution network in Jap. As 90% of coy's rev from US and Europe, this JV will be a good step to diversify into the high growth Asian market.

Magnus: Incorporation of a wholly owned subsi called APAC Coal Limited. The principal activity of APAC is engaging in exploration and evaluation of mineral resources.

KepCorp: Wins 2 conversion contracts worth 100mil from repeated clients.

recent broker reports on singapore stocks / shares 26th sept

YangZijiang - UBS up target price

Ezra - CLSA up target price

China Energy - Lehman lowers target price

BeautyChina - CIMB lowers targer price

Cosco - Citigroup raised target price

Sinostar - DMG non rated comments

Hong Leong Finance - BNP maintains BUY

Amara Holdings - DBS initaite coverage with BUY

Aztech - DBS downgrade to HOLD

Midas - CSFB maintains BUY

Ausgroup - KE initiate BUY

Keppel Land - KIM ENG raised target price

Datacraft - JP initiates BUY

China Sports - OCBC non rated note

C&O - Daiwa initiate coverage

SGX : Singapore stocks and shares related news 26sept

Sing Holdings: Will move from sesdaq to mainboard. In principle approval by SGX yesterday. When it will move will be announced on a later date.

STAR CRUISES - Cancel excercise option to construct a passenger cruisse vessel of contract price Euro 700m

STAR CRUISES - 100% shareholders vote FOR substantial disposal regarding the deemed disposal arising from subscription for new shares by an investor in a major subsidiary, NCLC LTD

Scorpio East wishes to announce that 17,000,000 new ordinary shares have been issued pursuant to the Placement. The New Shares are expected to be listed and quoted on the SGX-Sesdaq with effect from 9.00 a.m. on 26 September 2007.

Int Roller has incorporated a whollyowned subsidiary, Inter-Roller Airport Logistics System (Suzhou) Co., Limited ("IR Suzhou") in Suzhou, China. IR Suzhou will have the capability to handle design, project management, and manufacture of airport logistics system, specifically for the needs of the China market. IR Suzhou has a registered capital of USD1,050,000 and the capital is expected to be fully paid up within a year.

Sitra Holdings (International) Limited announced today that it has entered into an MOU with Ukraine's leading Do-It-Yourself ("DIY") hypermarket, Epicentr K, for a proposed joint venture in Singapore. JV co. called BMG Global Pte Ltd. It is expected to have an initial paid-up capital of USD10 million to be contributed by both partners in equal proportion. BMG Global will act as a sourcing agent and supplier to Epicentr in Ukraine, in order to procure and supply a broad range of building material products sourced from and within Asia. In addition, BMG Global will also act as the sourcing arm for hypermarkets in Eastern and Central Europe for a wide range of building materials ranging from hardware, sanitary ware, decorative items and so on.

* GEMS TV Holdings Ltd - its 100% indirectly owned subsidiary, London Diamond Company Limited, in the United Kingdom (“London Diamond”) which was placed under members’ voluntary liquidation, has been dissolved. London Diamond was dormant since 10 June 2005.

* Sing Holdings Ltd - received in-principle approval from the Singapore Exchange Securities Trading Limited to upgrade from the SGX-SESDAQ to the SGX Mainboard (the “Mainboard”). The listing and trading of the Company’s shares on the Mainboard will commence on Friday, 28 September 2007.

* Popular Holdings Ltd - Company has acquired 2 ordinary shares of RM1 each in the capital of Seashore Publishing (M) Sdn Bhd. The principle activities of Seashore (M) are in the business of publishing and distributing books, articles and other printed materials.



* Neratelecommunications Ltd - signed a Contract with a Government Organisation in Asia for the supply, delivery, installation, testing and commissioning of an integrated telecommunication system.The Contract has a value of about S$40.6M and will be implemented over a period of approximately 2 years.

* Abterra Ltd - Incorporated a wholly-owned subsidiary named Tian Yi Investments Pte Ltd with principal activities in commercial, residential & industrial properties.

* Freightlinks Express Holdings Ltd - Requests for lifting of trading halt as on 26th Sept 07 @0900hrs

- Kaplan Funds Management Pty Limited (KFM), manager of the KFM Diversified Infrastructure and Logistics Fund and Kaplan Equity Limited (“KEL”) has jointly subscribed for a placement of 180 million new shares in Freight Links Express Holdings Limited (“FLEH”) at S$0.10 per share. The net proceeds from this placement amounting to S$18 million will fuel the expansionary path of the Freight Links Group

* Casa Holdings Ltd - The sale of its investment in Subsidiary Company - Changzhou Casa Shinco Electrical Appliances Co. Ltd, has been completed on
25 Sep 2007.

Sinostar PEC Hldings Limited : Producer and Supplier of downstream
petrochemicals IPO issued at 0.38 cents each, (150 million new shares
and 10.4 million vendor
shares) Starts trading on the SGX on the 26 september.

Cambridge Industrial Trust: The unitholders have approved the issue of new
units to raise gross proceeds of approximately S$193.9 million
(the "Equity Fund Raising").
Believes it is the first REIT to offer units into the United States.

KSH Holdings: Refs to announcements dated 20 September 2007. Proposed issue 1% coupon unconditional unsubordinated unsecured convertible Notes due 2011 of in
aggregate principal amount of up to S$20 million.
This was excercised by DBS today.

STARHUB : Daily Share Buy Back Notice

Hsu Fu Chi has incorporated 2 new subsidiaries in Henan province of PRC engaged in activities of :

a) Sales production and storage of foodstuff; fruits & vegetables; processed meats, poultry and food commodities and
b) Sales and production of nuts, groceries and food additives.

Hsu Fu Chi also completed incorporation of two other subsidiaries that were in the process of incorporation at the time of the Company’s IPO. the subsidiaries are engaged in the following acitivities:
a) Sales and production of functional Food, nutritious candies, health-care food.
b) Production of plastic products, plastic packaging materials (including printing process) for sale to PRC domestic and overseas markets.

Tr Networks' disposal of Three Rifles Building at Macpherson Road was not completed as scheduled.

Sitra Holdings - arrives at a MOU with EpiCentr from Ukraine to engage in the following activities
a) to act as the sourcing agent and supplier of EpiCentr in the procurement and supply of Products sourced from within Asia;
(b) to act as the sourcing arm for hypermarkets especially for the growth nations in Eastern and Central Europe, for building materials ranging from hardware, sanitary ware, decorative items and others;
(c) to participate in the development of new EpiCentr hypermarkets in Ukraine; and
(d) to participate in property development in Ukraine.

Singapore stock market related news and announcements 25sept07

PACIFIC HEALTHCARE - DIVESTMENT OF STAKE IN PACIFIC HOSPITALS PVT LTD, HYDERABAD, INDIA. Net gain of S$2, NTA increase to 9.28cents to 8.31cents, EPS increase to 2.66cents from 1.69cents

CHINA HONGCHENG - NP up 60% due to demand of premium products from overseas customers, Future Expansion Strategy in Higher Profit Margin Product

GLOBAL VOICE - ONLINE TRAVEL COMPANY QCNS SELECTS GLOBAL VOICE as provision of transaction platform

KIAN ANN - Bonus Dividend S$0.07, Right issue of S$0.14 1 for 2

AUSGROUP - wins A$6M iron ore car dumper contract

DBS - JACKSON TAI TO STEP DOWN AS CEO OF DBS

ChinaAOil. China Aviation Oil Spain, S.A. ("CAO Spain"), a wholly owned subsidiary of the Company, has been dissolved. It is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2007. .

Kim Eng. Kim Eng Securities India Private Limited ("KESIPL"), a wholly-owned subsidiary of the Company, has been elected as a Limited Trading Member (Deposit Based Member) of the Bombay Stock Exchange Limited
("BSE") on 19 September 2007.

* Datacraft Asia Ltd - has won a multi-million contract to design, build and support a next-generation data center infrastructure for Indonesia’s Bank Central Asia (BCA).

* Lee Metal Ltd - its wholly-owned subsidiary, Lee Welded Mesh Singapore Pte Ltd, has on 23rd September 2007 signed an agreement with several parties with a view to establishing a joint venture company in Abu Dhabi, United Arab Emirates, to be named “Readyfix Middle East Limited Liability Company”.

* Reyphron Agriceutical - the company has increased the registered and paid up capital of its wholly-owed subsidiary in the People’s Republic of China, Jiangxi New Reyphon Biochemical Co., Ltd from US$1.23M to US$7.8222M. The increased capital will be used for production capacity expansion, new product development, strengthening sales and distribution network as well as working capital in Reyphon Jiangxi.

* Capitaland Ltd - the sale by its indirect wholly-owned subsidiary, Orthoclase Pte Ltd of its entire 50% stake in Savu Properties Ltd, has been completed today. Following the completion, SPL has ceased to be an associated company of CapitaLand.

- establishment of Chengdu CapitaLand Zhixin Wenjiang Co., Ltd in the principal activity of property development for a registered capital RMB369.92M through a 50:50 joint venture company between Ellery Pte. Ltd., an indirect wholly-owned subsidiary of CapitaLand and Chengdu Tianfu Zhixin Co., Ltd, a party unrelated to CapitaLand.

* Allied Tech Ltd - Lodging of offer information statement dated 24 September 2007 relating to the Rights Issue with MAS on 24 September 2007.
The trading period for the provisional allotments of Rights Shares (or "nil-paid" rights) on SGX commences from 9.00 a.m. on 27 September 2007 and ends at 5.00 p.m. on 5 October 2007.

* HPL - Horizon Partners has today received notification from the vendors’
solicitors that the vendors have extended the time in the Option to Purchase for obtaining the collective sale order up to 11 December 2007.

* Asia Water Ltd - establishment of a wholly-owned subsidiary company, known as Asia Water Investments Pte. Ltd., in Singapore, set up as an investment holding company in connection with the internal corporate restructuring of Asia Water Group of Companies.

Cosco wins shipbuilding contracts worth US$724.36M.

Khong Guan: Right issue of approx 12mil new shares at issue pr of .85 per right. 1 right per 1 share. Rights will start trading today, 9am.

Sinopipe: 8 letters of intent signed to initiate further nego for the award of build-transfer project to Sinopipe, worth RMB365mil for drainage and sewerage and water supply segments. This will allow coy to undertake project management. Once completed, project will be handed over to relevant gov departments.

JEL: 80mil shares have been allocated to shareholders as bonus issue. These bonus issues can be traded as of yesterday, 9am.

Jade: Coy's subsi, JCR will be receiving from FCGIL a discretionary bonus payment of usd 2.5mil for its level of service and in introing an end buyer to FCGIL. Jade share pr drop by 2% yesterday.

Valuetronic: CFO resigned.

Jiutian: Proposed subdivision of each share into 5 shares.

SIA ENGG: Agreement to end discussion on India JV with Wadia Group in India to offer maintenance services.

FREIGHT LINKS: trading halt

BANYAN TREE: Signed an agreement for management of a new exclusive waterfront boutique hotel in Shanghai Bund. THis is following it's recent announcement of 5 projects in China, including 2 new hotels in Beijing.

PINE AGRITECH: Launches new high margin health product. New health product Ditang contains SOS, soybean peptide and tea leaf extract Sales and marketing of Ditang started in September FY07 through SOS distribution network of more than 1000 shops. Plans to commence TV advertising from the end of September FY07. Sales from DITANG wil positively impact the overall profit margin considerably and enhances brand equity.

China stock market continues to perform well with latest hot IPO :

China Construction Bank Corp became the world's third-largest bank by market value upon listing in Shanghai. It overtook Bank of America Corp. after the share price surged 40% on the first day of trading in Shanghai, giving the Beijing- based bank a value of $226.9 billion.

Construction Bank, which has traded in Hong Kong since October 2005, raised 58 billion yuan ($7.7 billion) selling shares at 6.45 yuan apiece this month in the world's second-largest IPO for the year.

Now it would appear that China has two of the world's three largest banks by market value, less than four years after the government spent $150 billion restructuring the industry. Since then, banking profits continued to rise and the China's stock index quadrupled in the past year to be the world's most expensive relative to earnings.

``Investors know this is irrational and can't last forever, but as long as China's growth engine keeps roaring, banks will churn out great results and everything seems justified,'' said Wang Xu, a bank analyst at China Universal Asset Management Co. in Shanghai, which owns 6.5 billion Construction Bank shares.

Singapore stock related report :

Daiwa Institute of Research initiate coverage with outperform rating on singapore stock C&O Pharmaceutical Technology :

We initiate coverage of C&O Pharmaceutical Technology
(C&O) with a 2 (Outperform) rating and six-month target price
of S$0.58, based on a 14x PER on our 12-month earnings
forecast to 3Q FY08 (ie, 1Q08), in line with those of other China
pharmaceutical companies listed in Singapore. We expect a
recovery in earnings growth to lift the share-price performance
over the next six months.

We expect C&O to emerge from its current transition to record a
net profit to HK$153.2m for FY08, up 97% compared with
FY07 and 30% compared with FY06. We also forecast the
company to record 16-22% YoY earnings growth for FY09 and
FY10, backed by strong demand for its own-brand products,
expansion of its imported product portfolio, and reduced
competition.

THE EDGE BROKER REPORTS FOR SINGAPORE STOCKS - SEP 24 - SEP 30, 2007

Allco Commercial REIT (Sept 20: $1.10) TP: $1.68
MAINTAIN BUY. Allco announced three yield-accretive acquisitions of an additional three properties in Japan, which will result in an exposure of 43% Singapore properties, 42% Australia properties and 16% Japan properties. We have a forecast payout of 5.94 cents for FY2007 and 7.42 cents for F&2008, which translate into 5.76% and 7.2% yields respectively. The increased exposure in the world's second-largest economy improves the diversification and reduces the reliance on any single market. We maintain our view that Allco is attractively priced, offering the highest yield of 5.76% among office real estate investment trusts and is poised to benefit from the rising office rental trend. We retain our fair value estimate of $1.68. - Phillip Securities Research (Sept 19)

Ascendas India Trust (Sept 20: $1.49) TP: $1.83
BUY (initiating coverage). Ascendas India Trust (a-iTrust) is a provider of business space solutions and offers investors a unique opportunity to participate in the burgeoning Indian real estate market. Based on DDM valuation, we arrive at a target price of $1.83 assuming: (i) pipeline of two buildings *(total super built area: 530,000 sq ft) at The CyberBale from the sponsor; (ii) pipeline from Ascendas India Development Trusts (worth about $250 million); (iii) "in-built" pipeline of two completing developments and three proposed ones; and (iv) full utilization of the 20% cap on property development activities on a-iTrust's 24 acres of development land. - DBS Vickers Securities (Sept 14)

CDW Holding (Sept 20: 13 cents) TP: 12 cents
SELL. In the six months to June 30, sales increased 13.5% to US$86 million ($129 million) and gross profit rose 36.4% to US$15.04 million. This was mainly attributed to the 4% increase in revenue within the LCD back-light units segment. CDW's distribution and administrative expenses increased in the same period. Net profit fell 86.7% to US$490,000, owing to a high defective rate in production. Based on our revised earnings estimate, the stock is trading at a forward PER of 20.4x earnings, way above the counter's historical PER trading band of 6x. Target price is maintained at 12 cents based on FY2008 earnings forecast. - SIAS Research (Sept 18)

Chemoil (Sept 20: 48 US cents) TP: 55 US cents
DOWNGRADE TO NEUTRAL. Because of volatile market conditions in July and August, Chemoil used crude oil derivatives to hedge its fuel oil inventory, as they offer better liquidity than fuel oil derivatives. However, markets behaved erratically, prices did not move in favor of its strategy, and margins were affected. In August, Chemoil reported weak 2Q2007 results because of operational problems in Singapore. We lower 2007E and 2008E net profit 40% to US$35 million and 21% to US$70 million, respectively. We lower our DCF-based price target from 91 US cents to 55 US cents. Our 12-month price target is based on a 9.2% discount rate and 2% terminal growth. The stock now trades at just 9x 2008E earnings. - UBS Investment Research (Sept 20)

DBS Group Holdings (Sept 20: $20.40) TP: $27
MAINTAIN OUTPERFORM. DBS announced that it would launch its first ever $400 million share buyback programme. The amount equates to 1.3% of its current market capitalization and 26 basis points of tier-1 capital. Despite a nice rebound last week, DBS is still down 11% year-to-date, the worst performing bank this year. Valuations are attractive at 1.56x CY2007 P/BV and 11x CY2008 PER. Concerns with DBS have already been reflected in its share price, especially as liquidity concerns should abate with time after the US Federal Reserve rate cuts. Current valuations are very attractive and the latest share buyback programme announcement represents a vote of confidence from the management as well. Target price is unchanged at $27, based on 2.1x CY2007 P/BV. - CIMB-GK Research (Sept 20)

Mapletree Logistics Trust (Sept 20: $1.17) TP: $1.46
MAINTAIN BUY. MLT has continues to grow its portfolio, recently announcing the acquisition of five warehouse properties in Singapore for a total consideration of $47.2 million. MLT has a visible pipeline from the sponsor and we continue to like MLT for its pan-Asian platform, which provides the opportunities to tap growth in the countries it has presence in and also to tap new markets it is exploring, such as Vietnam, South Korea, India, Thailand and Taiwan. With the recent weakness in the stock price, MLT is trading at an attractive current yield of 5.1%. Target price is $1.46 based on DCF valuation (assumed acquisitions of $1 billion a year from 2007 to 2009). - DBS Vickers Securities (Sept 19)

See Hup Seng (Sept 20: 84 cents) TP: $1.23
MAINTAIN BUY. SHS's expansion plans are on track. As Keppel's preferred tank-coating contractor, SHS is a direct beneficiary of Keppel's higher volume of work for conversion of FPSO (floating production, storage and offloading) vessels and ship repair jobs that require tank coating. A new auto-blast factory is expected to be operational in 1Q2008, raising total plant capacity between 70% and 80% to meet strong demand from the marine and construction industries. It has invested in 10 new dehumidifiers to expand its tank-coating capacity and has also tied up with a second-tier shipyard to undertake tank-coating and site-blasting jobs. Target price is $1.23 based on 18x FY2008 earnings. - DBS Vickers Securities (Sept 17)

FJ Benjamin Holdings (Sept 20: 85 cents) TP: $1.03
MAINTAIN BUY. FJB announced the listing of its associate St James Power Station (SJPS) through a reverse takeover. The consideration of the RTO could range between $80 million and $108 million, depending on SJPS's ability to meet its cumulative net profit guarantee of $16 million for FY2008 and FY2009, with a performance incentive of 68.4 million shares at 17.55 cents each, if cumulative net profit is above $18 million. The RTO is targeted for completion by 1Q2008. FJB's 30.4% stake is valued between $24.3 million and $32.8 million, depending on the financial performance of SJPS. After the listing, FJB's stake will be reduced to 25.2%, with potential for further dilution upon a subsequent placement. Target price is $1.03. - DMG & Partners (Sept 17)

Orchard Parade Holdings (Sept 20: $2.08) TP: $3.31
BUY (initiating coverage). OPH is one of two Singapore listed entities that come under Singapore's largest real estate player Far East Organization (FE)). OPH's key assets include two hotels - the Orchard Parade Hotel and the Albert Court Hotel - and Central Square, a mixed development. OPH also owns about 50% of Yep Hiap Seng Ltd. Our recent meeting with FEO's chief operating officer Tjong Yik Min boosted our confidence that OPH is heading in the right direction for growth. With tourism in Singapore set to grow further and YHS being a household brand name, we think OPH is an enticing value proposition. Target price is $3.31 based on parity to RNAV. - Kim Eng Research (Sept 18)

Sino Techfibre (Sept 20: $1.23) TP: $2.02
MAINTAIN OUTPERFORM. In a recent conversation with management, we gahter that there would be some delay in the delivery of pattern moulding paper (PMP) equipment from its US supplier. This erases any hopes of PMP contributions this year. Backing out PMP earnings reduces our FY2007 EPS estimate by 5% but this is offset by higher contributions from mainstay leather products, following management's bullish output guidance. We have reduced our DCF (12% WACC, 2% terminal growth) target price from $2.13 to $2.02, largely on more aggressive capital expenditure assumptions for FY2008 to FY2009. The stock trades at 8.5x CY2008 PER, comparable to peers. Our target implies 12.9x CY2008 PER. - CIMB-GK Research (Sept 14)

Genting Int'l Public Ltd Co (Sept 20: 63.5 cents) TP: 76 cents
UPGRADE TO BUY. The investment case for GIL remains on its ability to win more casino concessions. The UK mega license has been put on hold indefinitely, but the award of smaller casino licenses remains on track. Furthermore, gaming liberalization in Asean and Japan is likely to accelerate, especially after the success of Singapore and Macau in attracting foreign investments. This means GIL has the potential to enter new markets. However, GIL has suffered the double whammy of higher construction and equity costs. This in turn has had a negative effect on our valuation. We have thus revised down our fair value on GIL from 86 cents a share to 76 cents. - OCBC Investment Research (Sept 20)

Pacific Andes (Holdings) (Sept 20: 74.5 cents) TP: $1.06
OUTPERFORM (initiating coverage). China's annual fish production is expected to rise by 24.3 million tonnes to meet demand, with supply likely to come from aquaculture, imports and fishing in international waters. Strong demand in China bodes well for PAH, as China accounts for 83.5% and 76.1% of its revenue in FY2006 and FY2007 respectively. We project a CY2006 to CY2009 EPS CAGR of 26.8%, powered by its increased sake in China Fishery. We expect a steady improvement in net margins to 9.9% in FY2010 from 7.3% in FY2007. We forecast a dividend yield of 3.3% for FY2008. Our sum-of-parts valuation implies a target price of $1.06, which translates into 12x CY2008 PER. - CIMB-GK Research (Sept 19)

Sinwa (Sept 20: 68.5 cents) TP: 82 cents
BUY (initiating coverage). Sinwa is Asia-Pacific's leading marine supply and logistics company servicing the marine and offshore industry. Sinwa offers a complete and comprehensive range of reliable supply and service to the marine and offshore industry in Singapore, China, the Middle East, Timor Leste and Australia. Since last year, Sinwa has taken full advantage of the bullish offshore marine industry. In July, it entered into joint ventures with KS Energy and Nordic International for a jack-up barge and 2D seismic vessel respectively. The group's revenue has been increasing steadily, with two-thirds of its revenue contribution form the Singapore market. Our fair value estimate of 82 cents implies a 22.38% potential upside. - Phillips Securities Research (Sept 18)

Koda (Sept 20: 81.5 cents) TP: $1.34
MAINTAIN BUY. Koda's FY2007 results was in line with expectations, with revenue up 24.8% y-o-y to US$60.1 million and NPAT up 63.9% y-o-y to US$60.1 million and NPAT up 63.9% y-o-y to US$7.8 million. The results came on the back of improved margins, owing to a larger share of higher-value products, increased order flows through Koda's participation in furniture fairs and higher flow of repeat orders from clients. Gross and pre-tax margins improved to 29% and 13.3% respectively. Owing to operational efficiencies at the Vietnam plant and lower finance costs as the company used its strong cash flow to pare down a third of its borrowings, the gearing ratio fell to 0.12x from 0.27x in FY2006. We have revised our FY2008 revenue and NPAT estimates to US$83 million and US$10 million respectively. Target price is $1.34. - Kim Eng Research (Sept 20)

Parkway Life REIT (Sept 20: $1.21) TP: $1.72
BUY (initiating coverage). Parkway Life REIT invests in income-producing real estate assets in Asia-Pacific. The annual rental payable by the three hospitals (Mount Elizabeth, Gleneagels, East Shore) comprises a base rent and a variable rent. The variable rent is equivalent to 3.8% of adjusted hospital revenue. This allows unitholders to ride on the growth of the healthcare industy, wing due to an ageing population, medical tourism and growing affluence in Singapore and across the region. Acquisitions in Singapore and the region will provide catalysts for growth in distribution yield. our target price is $1.72 based on the discounted dividend mode (WACC: 6.2%, terminal growth: 2%). - UOB Kay Hian (Sept 17)

Tat Hong Holdings (Sept 20: $2.14) TP: $2.34
BUY (resuming coverage). Revenue rose 28% y-o-y to $138.1 million and net profit surged 66% to $17.3 million. Management also reiterated that its net operating profit CAGR of 25% for FY2008 to FY2010 is on track. Its subsidiary Tutt Bryant Group contributed revenue of AS$71.0 million ($90.2 million) and net profit of AS$5.1 million in 1Q2008. Prospects remain good for THH, buoyed by continual infrastructure spending and construction jobs in the region. The easy re-deployment of cranes, especially with the present shortage of heavy equipment, is working in THH's favour. Fair value estimate of $2.34 based on 16x (industry average) FY2009 forecasted earnings. - OCBC Investment Research (Sept 17)

MacarthurCook Industrial REIT (Sept 20: $1.19) TP: $1.39
BUY (initiating coverage). MIREIT's initial property portfolio consists of a diversified portfolio of 12 industrial properties in Singapore. MIREIT's investment objective is to pursue acquisition opportunities locally as well as across Asia. MIREIT's current gearing stands at 8.6%, the lowest among local REITs. The counter is trading at a discount of 15% to our fair value. With a projected FY2008 DPU of 7.43 cents, MIREIT offers a yield of 6.35%. We expect the manager to announced further acquisitions in the coming months in anticipation of its target of $500 million of acquisitions a year. Twelve-month fair value of $1.39 a share. - Phillip Securities Research (Sept 17)

Santak Holdings (Sept 20: 29.5 cents) TP: 28 cents
MAINTAIN SELL. Santak reported disappointing FY2007 results, with net profit declining 23% to $3.7 million and revenue falling 29% to $62.3 million. Precision engineering and assembly division revenue fell 28% to $57.3 million, owing to a slowdown in demand for assembled products and precision-machined components - mainly from a telecommunication client based in China. Trading and distribution division also dropped $3.3 million to $5.1 million, owing to weaker demand for access control and telecommunication products. Combined with higher marketing expenses and the loss of factory utilization, Santak's operating profit fell 18% to $4.7 million. With limited visibiltiy and in the absence of strong catalysts, we peg Santak's fair value at 28 cents based on 1x P/BV. - Kim Eng Research (Sept 18)

Techcomp Holdings (Sept 20: 61 cents) TP: $1
MAINTAIN BUY. Consumable products for gas chromatography business unit expected to yield 50% to 80% gross profit margin. The recent lead contamination issue in China made toys is expected to benefit Techcomp's sales from tis atomic absorption equipment, which is used to quantify the lead content in paint. Its extensive network in China attracts more exclusive distributorship agreements from global suppliers. At 12.9x PER, its current valuation is attractive, compared with the average of 25x PER for its peers. We like Techcomp for its "recession-proof" business model and good earnings visibility. We have raised our earnings estimate for FY2008 to incorporate earnings from its high-profit margin capillary columns. Target price is revised to $1, pegged at 13x PER on blended FY2007/08's earnings. - Westcomb Securities (Sept 20)

Hong Kong Upcoming IPO - China Dongxiang

Sept. 20 (Bloomberg) -- China Dongxiang (Group) Co., owner of Chinese rights to the Kappa sportswear brand, will raise as much as HK$5.47 billion ($703 million) in a Hong Kong initial public offering.

The Beijing-based company and its shareholders plan to sell a combined 1.38 billion shares, equivalent to a 25 percent stake, at between HK$3.60 and HK$3.98 a share, according to an e-mail sent to investors today.

Chinese companies have raised $17.6 billion in Hong Kong IPOs this year, according to data compiled by Bloomberg, as investors bet on increasing demand in the world's fastest-growing major economy. Five-year-old Dongxiang owns rights to the Italian sportswear brand, best known for sponsoring soccer clubs including Juventus, in China and Macau.

``I really like the industry and don't think much can go wrong up to the Olympics and with a booming economy,'' said Sebastiaan de Bont, who manages emerging markets equities at Fideuram Asset Management in Dublin. Owning an international brand in China is ``quite unique'' and ``obviously an advantage.''

China's sportswear industry is growing at a 23 percent annual rate and will reach 46 billion yuan ($6 billion) in 2008, boosted by increasing household income and the 2008 Beijing Olympics, Daiwa Institute of Research said in a June report. It cited Zou Marketing, a sports-branding consultancy based in Shanghai.

Valuation

The sale values Dongxiang at HK$21.8 billion, based on the high end of the price range, or 34 times its estimated 2007 earnings, according to two people involved in the transaction.

Chen Yihong, Dongxiang's 49-year-old chairman, didn't answer calls to his Hong Kong office today. The company is the first Chinese sportswear firm to acquire a major international brand.

New shares sold by Dongxiang account for 86 percent of the stock offered. The rest is being sold by Morgan Stanley's private equity arm, which bought a 20 percent stake in Dongxiang last year, the people said.

Anta Sports Products Ltd., China's largest maker of athletic shoes, has gained more than 60 percent since its stock started trading on the Hong Kong stock exchange July 10. Li Ning Co., the Chinese sportswear brand endorsed by basketball star Shaquille O'Neal, is trading at close to 64 times this year's estimated earnings, according to Bloomberg data. Li Ning sold its 80 percent stake in Dongxiang to Chen's family in June 2005.

Corporate Investors

The family of Chen, a former executive director at Li Ning, owns about 74 percent of Dongxiang before the IPO. Dongxiang also set aside about $70 million worth of shares for three corporate investors, including China Life Insurance Co., hedge fund Tiger Global Management LLC and Intime Department Store Group Co., the people said.

Deutsche Bank AG and Merrill Lynch & Co. are arranging the sale. Mark Bennewith, a Singapore-based Deutsche Bank spokesman, and Rob Stewart, a Merrill Lynch spokesman in Hong Kong, declined to comment.

Dongxiang doesn't own any factories. Like Nike Inc. and Adidas AG, it farms out production and sells products through more than 1,400 stores throughout the country operated by distributors.

BasicNet SpA, the Italian sportswear firm that makes and sells Kappa and Robe di Kappa branded goods, recorded a one-time gain of 27.1 million euros ($37.9 million) last year from the sale of rights to those brands in China and Macau, according to its statement on Sept. 12.

To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net .

Share market blog update
- Singapore stock market corporate news and announcements

Multi-Chem reduces investment in wholley owned subsidiary Multi-Chem China.

HPL requesrs trading halt

Fraser & Neave divests Times Printers Ltd (Australia) for a consideration of A$80mil.

Omega Navigation to present at the Jefferies Shipping Conference in New York

* Eastern Holdings Ltd - Requests for trading halt as on 21st Sept @9am, pending announcements

* Suntec REIT - the proposed acquisition of a one-third interest in One Raffles Quay, has been despatched to the unitholders of Suntec REIT.
Following the initial announcement of the proposed acquisition of a one-third interest in One Raffles Quay on 30 July 2007, Moody's Investors Service has in a press release dated 3 August 2007, affirmed the Baa1 corporate family rating and
Baa2 senior unsecured debt rating for Suntec REIT, with a stable outlook.

* EI-Nets Ltd - Proposed Share Subscription By Dr Anthony Soh: Under the Subscription Agreement, Dr Soh will subscribe for 280,000,000 new ordinary shares in the capital of the Company. The issue price of each Subscription Share S$0.035 (the "Issue Price"), which is equivalent to the weighted average price of the shares of the Company for trades done for the full market day on 20 September 2007, being the last full market day preceding the signing of the Subscription Agreement.

* Ezra Holdings Ltd - COMPLETED CONDITIONAL SALE OF SHARES IN EZRA'S SUBSIDIARY, EOC LIMITED: Ezra received orders to buy up to 36,413,500 shares at a price of NOK 22 per share. The price was determined through a book-building process conducted by Pareto Securities manager for the transaction. Ezra will offer additional shares to be placed through a retail offering in the Norwegian market in order for EOC to create the necessary free float and obtaining the number of round lot holders necessary for EOC to fulfil the listing conditions on the Oslo Børs ASA.
The shares conditionally sold in the Private Placement will be settled and delivered subsequent the offer period for the retail offering. In the event EOC does not obtain the necessary number of round lot holders, no shares will be sold by Ezra. The retail offering will further reduce Ezra's holding. EOC expects to list on the Oslo Børs on or about 3 October 2007.

K-REIT Asia - Further to the announcement relating to the proposed acquisition of a one-third interest in One Raffles Quay through the acquisition of one-third of the issued share capital of One Raffles Quay Pte Ltd by K-REIT Asia from Boulevard Development Pte Ltd has received from Singapore Exchange Securities Trading Limited a waiver from Rule 812(1) of the SGX-ST Listing Manual to issue and allot New Units to Directors of the Manager and their immediate family members under an ATM Offering, if any.


Add Value - Addvalue Communications Pte Ltd, a whollyowned subsidiary of Addvalue Technologies Ltd, enters into an MoU with IMST GmbH, a company established in Germany, to jointly develop land mobile and maritime BGAN terminals targeting the fast growing land mobile and maritime markets. In line with co.'s direction to enhance the attraction of our Addvalue satellite communication products family to end-users and potential buyers.

CAO: Voluntary liquidation of Greater China Travel Industry (S) P L as part of company's effort to wind up itz non-core business. No material impact on EPS & NTA for 31 Dec 07

chip ENg Seng: Placement & listing of an aggregate of 60,726,290 new shares been admitted to the official list of the SGX-ST on 20 Sept 07 9am.

Zhonghui Holdings: Approved acquisition 42.06% of Baoji Zhongcheng Machine Tooling Co Ltd for RMB218.89M ffrom Shanxi Guangtai Industry. Option to increase stake to 51% by end '08

Bayan Tree: First city club in asia to launch in Seoul, South Korea. Not expected to have any material impact on group's earnings & NTA for '07

City Spring: Basslink acquisition to increase DPU by 16.7% to 7 cents until mar '09. Basslink expected to provide LT, regular, predictable revenues dervied from a 25 yr contact with Hydro Tasmania

Richland: Its 50% owned subsi acquired PT Global Transport Abadi using a paid up capital of SGD33,333. It would be engaging in logistics business.
This transaction would not have any material impact on EPS and NTA for 31 Dec 2007.

SC Global: Proposed to subdivide every ordinary share into two ordinary share which had just been approved by SGX.

Asiatic: Announced redeemable zero coupon convertible bond issue of sgd30mil. Also, a trading coy, DB Zwirn Mauritius Trading had excercised its right to convert Sgd400k in the initial tranch at a conversion price of
$.1161 for ea share.

Rotary Engineering: Coy takes 45% stake in JV, venturing into LNG biz in china. This allows coy to participate in the energy sector in China. Rotary will make an initial paidup capital of RMB100mil and would engage in transporation of LNG from production field to storage centres. According to coy, china is an energy thirsty and energy dependent country with environmental consideration. Hence LNG, with its environment friendly and affordable characteristics is the best candidate for coy's quest in alternative fuels.

STXPO: Primary listing on Korea Stock Exchange. 343 mill new shares for amount of KRW 590,125mill

TREK: Secures S$38mill order per annum comprising supply of Customized Storage Solution for DVCs to major Japanese MNC like Sony, JVC, Panasonic.
Contributions to commence in final quarter of FY2007 and significant positive impact in FY2008.

FERROCHINA: Completed upgrade of a line that will have an annual production capacity of 300,000 mt and is expected to replace part of the outsourced sales capacity.

AUSGROUP: Ausgroup expands maintenance service at refinery sites. Work valued at approximately A$45.0 million over 3 years.

HMI: Minister for Manpower officiates the launch of HMI Institute of Health Sciences' new training centre and Community Health Care Assistant Course New premises boast of a 13,000 square feet purpose built training centre with skills laboratory facilities. Appointed by WDA to manage new community healthcare assistant training course for step-down care institutions.
Signing of MOUs between HMI and 7 community hospitals and nursing homes

BRC: Trading halt

NIKKO CORDIAL CORP: Forecast of 1st half earnings ending 31 March 2008.
revenue down about 30% yoy and net profit down by about 67%

MAPLETREE LOGISTICS TRUST - Expands Japan Portfolio with Acquisition of Distribution Centre

Singapore stock market financial news and announcements 20sept

- Singapore Exchange Ltd (SGX) has finalized changes to the minimum bid schedule for the securities market. The new schedule with reduced minimum bid sizes, to be implemented in January 2008, seeks to improve trading efficiency and market liquidity.

- DBS has announced its first-ever share buy-back programme, with up to S$400m worth of the bank’s shares to be bought back.

- The Hour Glass plans to open more stores in Hong Kong, Japan and Thailand, but will steer clear of mainland China and India. It also expects sales and earnings for 1H08 to surpass that of 1H07.

- Frasers plans to open 10 new gold standard serviced residences across China by 2009, half of them before the 2008 Beijing Olympics. These are part of the 23 new properties which Frasers said earlier this month it would open in the next 18 months.

- Lian Beng is placing out 40m new shares at 42.5 cents each. The new shares represent 8.08% of the firm’s enlarged share capital.

- SP Ausnet is reportedly close to a deal with Singapore Power to buy some assets of energy firm Alinta for A$4b.

- Burwill Holdings reported a 31.2% YoY increase in 1H07 revenue to HK$2.6b. Net profit,

Business Times article on SGX revamped new board :

WHILE the Singapore Exchange (SGX) is on track to make announcements on its new second board, there are concerns that some outfits may find it hard to list if sponsorship is restricted to just a few players.

In May, SGX announced plans to overhaul its junior board Sesdaq to attract small, fast-growing firms from overseas to list here.It aims to transform Sesdaq into a market where professional financial advisers, known as sponsors, will take a key role in the listing process. The sponsors who face strict admission rules will supervise listing aspirants who will not need to formally demonstrate a business track record, SGX said.

Sources say that SGX is targeting the local banks and some of the larger corporate finance outfits such as CIMB-GK Securities to be on the first list of approved sponsors.'There won't be so many players in the first batch. The exchange would prefer to have the more established players first,' a source said. The question is whether this could put the brakes on the growth of the second board. With this approach, some fear that there may not be enough sponsors to meet market needs and that fees will be prohibitively high for smaller companies.

On top of having enough sponsors to handle prospective listings on the junior board, some 159 listings on Sesdaq also need sponsors.

While sources say local banks are keen on sponsoring their clients whom they are already familiar with, they may not embrace non-clients because the effort required to do due diligence checks on them is not compensated by the low sponsorship fees.

According to the proposed rules, sponsors have to be at hand to advise on all listing and corporate governance matters. They also have to monitor their issuers' trading and be alert to any leakage of price-sensitive information.'We will be keen to sponsor our clients because we already know them,' a source from a local bank said. 'We want to grow with them, and sponsoring them is part of the total package of services we offer so that we don't lose them. But for companies who are not our clients, we will be more selective.'

Responding to queries, SGX told BT that it is in the final stage of preparation for the rollout of the new board and that details are expected to be announced before the end of the year.

Sources from smaller corporate finance houses want to be included in the action and say that they offer a better deal than the banks who charge higher fees. 'The banks will want to be compensated for taking on the higher risks and work that comes with sponsorship, but if the costs are too high, then it does not make sense to go for a listing on a growth board,' a source said.

At London's growth board, Alternative Investment Market (AIM), firms typically pay 3-5 per cent of the value of the issue in appointing a nominated adviser, or Nomad.

According to the London Stock Exchange website, there are about 70 Nomads.
There are about 30 corporate finance outfits here. The question is how many of them will be allowed to play sponsor.

Singapore stock market financial news and announcements

Global Voice will deploy IP¦nex a next generation suite of massively scalable, highperformance IP solutions providing Allianz Worldwide Care with the highest performance access to the Internet.

Kian Ann Engineering announces rights issue of 116m new ordinary shares at an issue price of S$ 0.14 per share and the option to elect to utilise the interim bonus dividend comprising an ordinary dividend of S$0.07.

Adroit Innovations announce that the Group has incorporated two wholly owned subsidiaries in Indonesia known as PT. Tyzen Pacific International and PT. Tyzen Pacific Nusantara, with an issued and paid up share capital of USD300,000.00, engaging in investment activities.

SP Chemicals, fourth largest ion-membrane chloralkali producer and the fifth largest aniline producer in the PRC plans to invest approximately
RMB1.1 billion in facilities for the production of styrene monomer, an intermediate raw chemical used in making polystyrene plastics, protective coatings, polyesters and resins.

MMP Reit. Lee Hwa Diamond Gallery and deluxe café by Bakerzin tie-up, a first in Singapore. F irst-in-Singapore shops: Schu from France, Beijaflor from Brazil and Sino London, a new fashion label by Singapore-based Aussino group.

CH Offshore. The Company wishes to clarify that the titles of all the reports are not an accurate interpretation or representation of the comments made by Mr Koh during the interview. US$23 million out of the Company's net profit of US$40.2 million for the Financial Year ended 30 June 2007 had been due to the gain from the disposal of vessels. US$11 million out of the gain of US$23 million had been due to the sale of a new vessel. Mr Koh had said that it would be difficult to predict the gain from the sale of vessels for the Financial Year ending 30 June 2008. It was not meant to be construed as a profit warning for the current financial year.

Hiap Seng wishes to announce that its wholly owned subsidiary, HS Compression & Process Pte. Ltd. ("HSCP") has, on 18 September 2007 issued and allotted 187,500 fully paid ordinary shares in the capital of HSCP to TG Project Consultancy Services Limited at an exercise price of S$1.00 per share. Hiap Seng's shareholdings in HSCP has reduced from 100% to 86.96%.
This is not expected to have any material impact on the consolidated net tangible assets and earning per share of the Company for the financial year ending 31 March 2008.

Creative Introduces Aurvana X-Fi– Noise-Canceling Headphones – Featuring X-Fi Audio Technologies to Improve Audio Playback for the iPhone, iPod and any other Portable Entertainment Device. Suggested retail price of S$499.00.

UNI-ASIA: half year results Revenue up 74% and net profit up 91%. increase in fee income stems from increase in finance arrangement fee and investment returns. More finance arrangment transactions this year aside, the group also disposed of 3 vessels under their principal investments. Launch of Akebono shipping fund boosted topline.

APEX-PAL: Celebrates Sakae Sushi's 19th Anniversary. Global chain to grow flagship brand with new markets in Mongolia, Vietnam and the Middle East

SGX: has invested S$750,000 in a minority stake in a company involved in developing new financial product platforms.No material impact on current FY's results.

SIA: August 2007 operation results out. Achieved 2.0% year-on-year growth in systemwide passenger carriage. P assenger load factor up 1.9 percentage points to 81.6%. The number of passengers carried rose by 5.1% over the same month last year to 1.62 million.

EZRA: Subsidiary, Lewek Shipping Pte Ltd, has awarded a contract to Karmsund Maritime for the design and building of one large 27,000 brake horsepower Multi-Functional Support Vessel at a contractual value of S$162,353,200

KEPPELCORP: Delivers third KFEL B Class jackup rig to Seadrill ahead of time and within budget.

SUNPOWER: Awarded China's Top Brand 2007. Company is a specialist in the design, R&D and manufacture of customized energy saving and environmental protection products

TIMEWATCH: Signed on actor Francis Ng for HK1mill to endorse Balco, one of the top Swiss-imported brands in the PRC. Store debut in SG end year.


OCBC: Aberdeen Asset Management PLC now holds 5.05% of OCBC ordinary shares as of 12 Sept 2007. Given proxy voting rights.

* MIIF - agreed to sell its 100 per cent interest in its wholly owned subsidiary, Macquarie Storage Holdings Limited (MSHL), the holding company of TanQuid GmbH & Co KG (TanQuid) to LODH Macquarie Infrastructure Fund
(LMIF) for €89.0 million (S$184.5 million1) subject to adjustments as announced.

* Serial System Ltd - has entered into 3 shares purchase agreements on 18 September 2007 with the minority shareholders of SMHK, SMTW and TBT respectively (collectively “Vendors”) as part of the corporate shareholding reorganisation of the Group’s semiconductors/ components distribution business.

* Ascott Group - voted the ‘Best Serviced Residence Company’ by readers of Business Traveller UK magazine. The Group is the first company to be chosen the winner for the serviced residence category which was created for the first time by Business Traveller UK magazine.

* Design Studio Furniture Manufacturing Ltd - SGX-ST has on 17 September
2007 granted approval in-principle for the listing and quotation of up to
111,111,111 new ordinary shares in the capital of the Company to be issued upon conversion of the Notes.

Stock market direction

Both malaysia and singapore stock markets have rebounded nicely after the big sell down few weeks ago. And now, I think the market is at a cross road again........

I expect most markets, including malaysia and singapore stock markets to take their cue from the US market after tonight's much anticipated FOMC rate decision meeting. I was told that most people are expecting a 50 basis point cut. And if that happens, we could see another short term boost in global markets.

Singapore Straits Times Index is now hovering around the 61.8% fibonacci retracement level of about 3500 points since the sell down from 3688 intra day high on 16th july to the intra day low of 2962 on 17th august. So if the 50 basis point cut materilized, STI may well try to retest the recent day high of 3561 and after that the next greater resistance at 3669.

Some "danger" signals to watch out for :
1. candlestick - doji formed on 14th sept is a warning signal of potential reversal signal
2. MACD histogram - forming lower highs while STI higher highs warns of potential weakening momentum
3. stochastics - forming lower highs while STI hit higher highs warns of potential weakening momentum

And of course what if the Feds disappoint the market by cutting the rate by 25 basis points only, then market may be disappointed and "lausai" again.

Whatever the case, we will continue to see lots of volatility in the near term.

18sept
Singapore stock market corporate news and announcements :

EZRA Holdings (EZRA SP)
Ezra Holdings has ordered a new multi-functional support vessel for some SGD162.4m. The contract value includes the cost of sophisticated equipment as well as integrated features such as a remotely operated vehicle hangar and foundations for a heave-compensated offshore crane. When delivered in 1Q2010, this latest vessel will join Ezra's two 30,000 brake horsepower large deepwater Rolls-Royce designed multi-functional support vessels which were ordered in May and scheduled for delivery in 2009 and 2010.

CH Offshore (CHOS SP)
CH Offshore, which owns and charters support vessels for oil and gas drilling, announced that net profit for FY08 will be lower compared to the previous year. FY07 earnings were boosted by vessel sales gains of US$23m.

Singapore Airlines (SIA SP)
SIA filled 81.6% of its seats in Aug, up 1.9 ppts y-y, as passenger carriage grew even as capacity shrank. The airline said it enjoyed a 2% y-y growth in system-wide passenger carriage (in revenue passenger kilometres) while capacity (measured in available seat kilometres) fell marginally by 0.3%. The number of passengers carried rose by 5.1% y-y to 1.62m.

Gen Int - Acquisition of new wholly owned subsidiary Glaive Limited, with no impact on NTA or EPS for curret year financial

Saint James Pte Ltd seeks listing on SGX's new sponsor supervised board through a $108 million reverse takeover of JK Technology Group Limited (JK Tech).

FJ Benjamin disposes entire stake in Saint James Pte Ltd

WEPCO disposes its 49.99% stake in Tong Chieh Trading (HK)

Westcomb invested a further sum of S$1 million in Westcomb Securities Pte.
Ltd a wholly owned subsidiary of the company.

NOL - For the four weeks of Period 8, 2007, liner volumes increased 11% over the same period last year reflecting continued strong container demand growth.

Chemoil announced that their 3Q profit after tax may get affected by issues affecting its logistics operations in Singapore as well as volatile conditions in both the petroleum and energy futures markets.


* JK Tech Ltd - St James Holdings Ltd has announced plans to seek a listing on Singapore’s soon-to-belaunched new board through a $108 million reverse takeover of JK Tech. Under a Sale and Purchase Agreement signed between the shareholders of St James and JK Tech, a Sesdaq-listed IT firm, the former will sell to the latter the entire issued and paid-up capital of St James.
The three shareholders of St James are FJD Pte Ltd, a joint-venture between Dennon Entertainment Pte Ltd, a private vehicle controlled by Dennis Foo and his family, and SGX-listed F J Benjamin Holdings Ltd, EK Capital Pte Ltd, a private investment vehicle associated with Jopie Ong and Daniel Ong, and Breadtalk Group Ltd, a Sesdaq-listed company.

* OKP - its wholly-owned subsidiary, Eng Lam Contractors Co (Pte) Ltd, had been awarded the Final Premix Surfacing, Reinstatement and Ancillary Works at Tuas View, Phase 6 ("the Contract") by the Jurong Town Corporation. The amount of the Contract is SGD6,257,000 and the commencement date for the Contact is 8 October 2007. The Contract is expected to be completed on 7 October 2008.

HPL: HPL and Lehmen Brothers in a 50-50 JV company, Laem Ka, formed to develop and construct a luxury hotel in Phuket Thailand.

UNISTEEL: Deregistration of subsidiary incorporated in China, Wuxi Gentech Co Ltd. Not expected to have any material impact on the net tangible assets or earnings per share of the Company for the financial year ending 31 December 2007.

Time Watch. Leading PRC watch Player Signs On Celebrity Actor Francis Ng for HK$1 million ahead of International Debut Store Opening in Singapore.

Sunpower's subsidiary, Jiangsu Sunpower Technology was awarded "2007 China's Top Brand" by the General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China.

Kep Corp. Keppel FELS delivers third KFELS B Class jackup rig to Seadrill ahead of time.

Ezra's subsidiary. Lewek Shipping Pte Ltd, has awarded a contract to Karmsund Maritime Service AS for the design and building of one large 27,000 brake horsepower Multi-Functional Support Vessel ("MFSV" or
"Vessel") at a contractual value of S$162,353,200. Contract has no impact on NTA or EPS. However, mgmt guides that this move will fuel growth.

A subsidiary of Singapore Exchange Limited ("SGX") has invested S$750,000 in a minority stake in a company involved in developing new financial product platforms. This investment is not expected to have any material impact on SGX Group's financial results for the year ending 30 June 2008.


UniAsia. - 1H07 Rev up 70%. NPAT up 91%.

Malaysia stock Stemlife share price rebounded after The Edge writeup

Stemlife stock which shot up like a rocket from from RM1.00 to RM5.60 in less than a year but recently experienced a sharp correction to below RM4.00. The share price rebounded after a big write up in The Edge last week. Interestingly, Berjaya owns more than 20% in Stemlife, and Berjaya also owns more than 20% in Nexnews (which is the owner of The Edge in Malaysia).......hmmm don't you think if someone is writing about "related companies", he or she should have a caption to remind readers. This will mean better corporate transparency and also to avoid any potential conflict of interests.

IPO - singapore stock Sinostar

Public shares - 5m
Placement shares - 155.4m
Price - $0.38
Closing date: 24 september 2007
Managers - Jointly by SBI E2 Capital and CIMB

The Company is one of the largest producers and suppliers of downstream petrochemical products and are engaged in the fractionation of raw LPG for the production and sale of propylene, polypropylene and LPG.

The profits for Sinostar rose spectacularly in FY06 to RMB97m from RMB15.4m in FY05. However, there is no 1H07 figures in the prospectus.

To estimate the potential worth of Sinostar, let's assume that profit in FY07 grow 30% and FY08 profit grow 20%, so FY08 profit could reach RMB152m or S$30m. Based on the post IPO 640m shares, the EPS will be 4.8 cents.
Based on a PE multiple of 10x-15x, potential fair value could be in the range of $0.48 to $0.72.

IPO - Singapore stock Fuxing

Closing date of application: 20 September 2007
Commencement of trading: 24 September 2007

Established in 1993, Fuxing is one of the few vertically integrated players in the PRC zipper industry with the ability to manufacture the entire zipper product from mould making for the production of zipper sliders to the manufacture of fabric tape for the zipper chains.

They have a diversified customer base of over 900 customers in the PRC, including:

• Renowned brands like Anta, Septwolves, CBA Leisu, Fujian Peak, and Northpole China, who use their zippers in their apparel, shoes, and bags products.
• Trading companies that export their zippers to overseas markets in Europe, Asia, and Australia.
  

Intended IPO price: $0.46
No. of shares available for public offer: 5m
No. of shares available for placement offer: 170m
Total post invitation share capital: 775m

THE EDGE BROKERS' REPORTS : SEP 17-23, 2007

China Sunsine Chemical Holdings (Sept 6: 35.5 cents) TP: 50 cents
OUTPERFORM (initiating coverage). China Sunsine Chemical Holdings is involved in the production of rubber chemicals, essential for rubber production. Capacity of its key product, rubber accelerators, is slated to expand 56% to 50,000 tonnes a year by end-2009, making the company the world's largest rubber accelerator producer. Sales and profits are set to grow 28% and 24% of CAGR for FY2007-2009. Growth should be fuelled by the 56% expansion in rubber accelerator capacity and contributions from new rubber chemical products. The projected three-year EPS CAGR for FY2007-2009 is lower at 13%, owing to share capital dilution post-IPO. The target price of 50 cents, based on 12x CY2008 earnings, is in line with international peers Lanxess and Chemtura. - CIMB-GK Research (Sept 5)

Macquarie MEAG Prime REIT (Sept 6: $1.23) TP: $1.32
MAINTAIN BUY. Revenue growths were tepid at 5.5% y-o-y and 1.1% q-o-q to $23.6 million. Net property income did better sequentially, improving 4%. This was due to lower expenses related to lease renewal commission and depreciation. DPU for 2Q2007 was 1.5 cents. MMP remains one of the few real estate investment trusts (REITs) with a low P/B ratio. This low valuation means it is likely to be more resilient in market uncertainty. Since our last report (April 2007), MMP's share price has corrected about 2%. It is trading at just under 1xP/B and implies that the market has not factored in growth. With a DPU yield of 5% and a capital value upside of 8%, total return of over 13% is possible with little downside risk. Fair value of $1.32. - OCBC Investment Research (Sept 5)

Singapore Food Industries (Sept 6: 84.5 cents) TP: 75 cents
HOLD (initiating coverage). SFI is an integrated food company headquartered in Singapore. The group is aggressively exploring more opportunities in the UK/ Europe geographical region - its core market, accounting for 58% of sales. SFI's share price seems to outperform relative to its financial performance despite being profitable every year since listing and consistently achieving ROE of at least 20%. Based on it historical average, we believe the stock should trade at a fair value of 75 cents. As it is currently trading at a premium of 10.7% and given the mature domestic outlook, coupled with bad tidings on the Australian and Chinese market, we are initiating coverage with a 'hold' recommendation. - SIAS Research (Sept 4)

CMZ Holdings (Sept 6: 26.5 cents) TP: 37 cents
BUY (initiating coverage). The company produces and sells zippers to the mid0ragne to high end of the garment industry. We like CMZ for three primary reasons: (a) no replacement product for zippers; (b) focus on the mid-range to high-end market; and (c) for the last two consecutive years, its Chima brand was named one of China's top 10 zipper brands. It is one of the designated suppliers to international brands such as Calvin Klein. The 12-month price target of 37 cents represents an upside potential of 54%. Our target price is based on a target multiple of 10x FY12/2008 EPS, which we feel is reasonable, in view of its robust earnings growth outlook. Management targets a 20% dividend policy for FY12/2007. - SBI ES-Capital Securities (Sept 3)

Midas Holdings (Sept 6: $1.37) TP: $1.84
MAINTAIN BUY. Midas announced that the proposed joint venture with Northeast Light Alloy Co (Nela) has not received regulatory approval. Thus, we have lowered our FY2008 earnings by 9.5% to $64.7 million. We remain positive on the group, however, as its core business and the Nanjing Puzhen JV should still help drive healthy growth. We have adjusted our target price of $1.84, based on 24x FY2008 earnings. Our target multiple has been lowered from 27x to 24x to reflect the slower earnings growth from the loss of the Nela JV. However, with earnings CAGR still robust at 50% from FY2006 to FY2009, driven by the existing core business and the Nanjing Puzhen JV, PEG at 24x FY2008 earnings remains undemanding at less than 0.5x. - DBS Vickers Securities (Sept 5)

Sinwa (Sept 6: 69.5 cents) TP: 82 cents
MAINTAIN BUY.For 1H2007, Sinwa's revenue rose 12.8% to $59.4 million while earnings jumped 41.5% to $5 million, mainly driven by the buoyant offshore marine activities in Australia and Singapore. Gross and net margins improved 0.5 percentage point and 1.7 percentage points respectively. EPS increased 23.2% from 1.85 cents to 2.28 cents. The issuance of 33 million new shares in February helped increase total equity as well as cash and equivalents. The 1H2007 results are in line with our earlier forecast and we maintain our target price of 82 cents a share. Our projected valuation represents a 29% potential upside. At this level, it will be valued at 16.3x FY2007 and 9.2x FY2008 earnings. - SIAS Research (Sept 5)

Fujian Zhenyun Plastics Ind Co (Sept 6: 63 cents) TP: 92 cents
BUY. FJZY is a leading plastic pipe maker in China. We view FJZY as a key participant in China's infrastructural boom and we like its market positioning in the lucrative gas sector as well as export growth potential. While is PER products may face margin pressure from higher oil prices, the cost increases have so far been absorbed by its customers. Forward PERs of 3.7x in FY2007 and 3.5x in FY2008 are grossly undervalued vis-a-vis two-year net profit CAGR of 22.5%. We have ascribed FJZY a FY2007 PER of 7.8x as compared with its closest peer Sinopipe, which is trading at 5.4x PER and applied a 20% "S-share" discount on the stock. This translates into a target price of 92 cents with a 80% upside return. The stock also offers an attractive 4.8% dividend yield. - Kelive Research (Sept 6)

SembCorp Marine (Sept 6: $4.38) TP: $4.71
OUTPERFORM (initiating coverage). We expect rig order momentum to carry through to 2009E, with SMM winning new rig orders aggregating $8.5 billion in 2007 to 2009E, representing 28 jack-ups or 10 semi-submersible rigs, in view of the cycle continuing for the next two year, given the current market conditions. We also expect gross margins to improve from 8.2% in FY2006 to 10.3% in FY2009E. We value SMM at $4.71, based on a target FY2008 PER of 20x, plus the value of its stake in Cosco Corp (S). With a 2007E dividend yield of over 3% and an earnings CAGR of 21% in FY2006 to FY2009, we believe this is a reasonable representation of the value of the company in relation to its Singapore large-cap peers and other offshore and marine companies. - Credit Suisse (Sept 3)

Time Watch Investments (Sept 6: 27.5 cents) TP: 52.5 cents
MAINTAIN BUY. Revenue increased 19% to 855.9 million renminbi ($173 million) in FY2007 y-o-y, thanks to 11 months' contribution form the original equipment manufacturer segment and robust retail sales performance. Gross margins swelled 5.3 percentage points on improved economies of scale and successful cost-cutting measure. Reported net profit was 73.4 million renminbi, up from a new loss of 48.3 million renminbi in FY2006. Net of goodwill written off in FY20056 and revaluation gain on property in FY2007, net profit will have grown 29% y-o-y. A dividend payout of 0.6 cents is declared, translating into 2.2% yield. We continue to value Time Watch at 15x FY2008F PER, giving a revised target price of 52.5 cents on earnings raised. - Westcomb Securities (Sept 5)

THE EDGE SUMMARY OF BROKER'S CALLS - SEP 10 - SEP 16, 2007

China Sunsine Chemical Holdings (Sept 6: 35.5 cents) TP: 50 cents
OUTPERFORM (initiating coverage). China Sunsine Chemical Holdings is involved in the production of rubber chemicals, essential for rubber production. Capacity of its key product, rubber accelerators, is slated to expand 56% to 50,000 tonnes a year by end-2009, making the company the world's largest rubber accelerator producer. Sales and profits are set to grow 28% and 24% of CAGR for FY2007-2009. Growth should be fuelled by the 56% expansion in rubber accelerator capacity and contributions from new rubber chemical products. The projected three-year EPS CAGR for FY2007-2009 is lower at 13%, owing to share capital dilution post-IPO. The target price of 50 cents, based on 12x CY2008 earnings, is in line with international peers Lanxess and Chemtura. - CIMB-GK Research (Sept 5)

Macquarie MEAG Prime REIT (Sept 6: $1.23) TP: $1.32
MAINTAIN BUY. Revenue growths were tepid at 5.5% y-o-y and 1.1% q-o-q to $23.6 million. Net property income did better sequentially, improving 4%. This was due to lower expenses related to lease renewal commission and depreciation. DPU for 2Q2007 was 1.5 cents. MMP remains one of the few real estate investment trusts (REITs) with a low P/B ratio. This low valuation means it is likely to be more resilient in market uncertainty. Since our last report (April 2007), MMP's share price has corrected about 2%. It is trading at just under 1xP/B and implies that the market has not factored in growth. With a DPU yield of 5% and a capital value upside of 8%, total return of over 13% is possible with little downside risk. Fair value of $1.32. - OCBC Investment Research (Sept 5)

Singapore Food Industries (Sept 6: 84.5 cents) TP: 75 cents
HOLD (initiating coverage). SFI is an integrated food company headquartered in Singapore. The group is aggressively exploring more opportunities in the UK/ Europe geographical region - its core market, accounting for 58% of sales. SFI's share price seems to outperform relative to its financial performance despite being profitable every year since listing and consistently achieving ROE of at least 20%. Based on it historical average, we believe the stock should trade at a fair value of 75 cents. As it is currently trading at a premium of 10.7% and given the mature domestic outlook, coupled with bad tidings on the Australian and Chinese market, we are initiating coverage with a 'hold' recommendation. - SIAS Research (Sept 4)

CMZ Holdings (Sept 6: 26.5 cents) TP: 37 cents
BUY (initiating coverage). The company produces and sells zippers to the mid0ragne to high end of the garment industry. We like CMZ for three primary reasons: (a) no replacement product for zippers; (b) focus on the mid-range to high-end market; and (c) for the last two consecutive years, its Chima brand was named one of China's top 10 zipper brands. It is one of the designated suppliers to international brands such as Calvin Klein. The 12-month price target of 37 cents represents an upside potential of 54%. Our target price is based on a target multiple of 10x FY12/2008 EPS, which we feel is reasonable, in view of its robust earnings growth outlook. Management targets a 20% dividend policy for FY12/2007. - SBI ES-Capital Securities (Sept 3)

Midas Holdings (Sept 6: $1.37) TP: $1.84
MAINTAIN BUY. Midas announced that the proposed joint venture with Northeast Light Alloy Co (Nela) has not received regulatory approval. Thus, we have lowered our FY2008 earnings by 9.5% to $64.7 million. We remain positive on the group, however, as its core business and the Nanjing Puzhen JV should still help drive healthy growth. We have adjusted our target price of $1.84, based on 24x FY2008 earnings. Our target multiple has been lowered from 27x to 24x to reflect the slower earnings growth from the loss of the Nela JV. However, with earnings CAGR still robust at 50% from FY2006 to FY2009, driven by the existing core business and the Nanjing Puzhen JV, PEG at 24x FY2008 earnings remains undemanding at less than 0.5x. - DBS Vickers Securities (Sept 5)

Sinwa (Sept 6: 69.5 cents) TP: 82 cents
MAINTAIN BUY.For 1H2007, Sinwa's revenue rose 12.8% to $59.4 million while earnings jumped 41.5% to $5 million, mainly driven by the buoyant offshore marine activities in Australia and Singapore. Gross and net margins improved 0.5 percentage point and 1.7 percentage points respectively. EPS increased 23.2% from 1.85 cents to 2.28 cents. The issuance of 33 million new shares in February helped increase total equity as well as cash and equivalents. The 1H2007 results are in line with our earlier forecast and we maintain our target price of 82 cents a share. Our projected valuation represents a 29% potential upside. At this level, it will be valued at 16.3x FY2007 and 9.2x FY2008 earnings. - SIAS Research (Sept 5)

Fujian Zhenyun Plastics Ind Co (Sept 6: 63 cents) TP: 92 cents
BUY. FJZY is a leading plastic pipe maker in China. We view FJZY as a key participant in China's infrastructural boom and we like its market positioning in the lucrative gas sector as well as export growth potential. While is PER products may face margin pressure from higher oil prices, the cost increases have so far been absorbed by its customers. Forward PERs of 3.7x in FY2007 and 3.5x in FY2008 are grossly undervalued vis-a-vis two-year net profit CAGR of 22.5%. We have ascribed FJZY a FY2007 PER of 7.8x as compared with its closest peer Sinopipe, which is trading at 5.4x PER and applied a 20% "S-share" discount on the stock. This translates into a target price of 92 cents with a 80% upside return. The stock also offers an attractive 4.8% dividend yield. - Kelive Research (Sept 6)

SembCorp Marine (Sept 6: $4.38) TP: $4.71
OUTPERFORM (initiating coverage). We expect rig order momentum to carry through to 2009E, with SMM winning new rig orders aggregating $8.5 billion in 2007 to 2009E, representing 28 jack-ups or 10 semi-submersible rigs, in view of the cycle continuing for the next two year, given the current market conditions. We also expect gross margins to improve from 8.2% in FY2006 to 10.3% in FY2009E. We value SMM at $4.71, based on a target FY2008 PER of 20x, plus the value of its stake in Cosco Corp (S). With a 2007E dividend yield of over 3% and an earnings CAGR of 21% in FY2006 to FY2009, we believe this is a reasonable representation of the value of the company in relation to its Singapore large-cap peers and other offshore and marine companies. - Credit Suisse (Sept 3)

Time Watch Investments (Sept 6: 27.5 cents) TP: 52.5 cents
MAINTAIN BUY. Revenue increased 19% to 855.9 million renminbi ($173 million) in FY2007 y-o-y, thanks to 11 months' contribution form the original equipment manufacturer segment and robust retail sales performance. Gross margins swelled 5.3 percentage points on improved economies of scale and successful cost-cutting measure. Reported net profit was 73.4 million renminbi, up from a new loss of 48.3 million renminbi in FY2006. Net of goodwill written off in FY20056 and revaluation gain on property in FY2007, net profit will have grown 29% y-o-y. A dividend payout of 0.6 cents is declared, translating into 2.2% yield. We continue to value Time Watch at 15x FY2008F PER, giving a revised target price of 52.5 cents on earnings raised. - Westcomb Securities (Sept 5)

Singapore Stock Corporate News and Announcements

CELESTIAL - RECEIVES TWO AWARDS AT THE SECOND ASIA BRAND CEREMONY

Yangzijiang - Shareholder's loan S$16m for Yangzhou Huanzhou Deck Material Co., Ltd, out of net proceed raised from IPO.

TIONG WOON - AWARDED ITS FIRST SHIPBUILDING CONTRACT WORTH S$64.8 MILLION, TO BE DELIVERED IN DEC 2008

CHINA PRECISION TECHNOLOGY LTD: Coy made provision of RMB7mill in relation to custom issues. Board of directors has completed its review and determined the quantum of the fines. There is an over-provision for the custom issues by RMB1.6mill and this will be reversed accordingly in group's PnL statement.

PORTEK: Secured a 25 year port management concession in Gabon, Central West Africa.

TECHOIL AND GAS: Secures 5.25mill of contracts from China Shipyards for shipboard automation systems. Both contracts due for delivery in 2008. Not expected to have any impact on current FY.

Swissco: S$15M order for 2 more offshore support vessels to be deliver 1H09 and placed with a Chinese Shipyard in Southern China. Fund through mixyure of internal funds & bank borrowings

Suntec REIT. share purchase agreement signed with Cavell Limited for acquisition by Suntec REIT of a one-third interest in One Raffles Quay through the acquisition of the entire issued share capital of Comina Investment Limited for an aggregate value of S$94.15 million, and payment in cash, by Suntec REIT to the Vendor.

China Petrotech: Acquired a third integrated oilfield services contract in Shaanbei, China through a wholly owned subsi. This will be a 7 year contract and will expire in 2013. They will be paid RMB22mil from this project.

WesTech: Coy secured a facility agreement for USD30mil. This will be a 3 year agreement splited into 2 tranches - 20mil senior term loan facility and 10mil on credit facility. Sum raised will be used for financing working capital and to grow cust base and enlarging orders.

Alantac: 2 key staff: 1. exec vp for group operation 2. senior vp resigned.

KS Energy: Acquired shares of Harta offshore and Marine service Pte holdings by Harta holdings (wholly owned subsi of KS). Transaction not expected to have any material impact on eps and nta of coy for FY2007.

* Darco Water Ltd - secured a S$40 million zero-coupon convertible bond financing facility from a major UK-based fund manager to fund its business expansion in Build-Own-Transfer (BOT) water treatment plants projects and working capital purposes

* Lereno Bio-chem Ltd - Entered into a sale & purchase agreement with Artech Design Ltd (South Korea) for the sale of the company's 207 dinosaur exihibits, accessories & 58 parts of moulds for a consideration of S$0.6M as part of the company's complete divestment of its non-core business in the edutainment segment

* Vibropower Ltd - received the inprinciple approval from the Singapore Exchange Securities Trading Limited for the listing and quotation of up to
692,307,692 new shares in the Company to be issued upon conversion of the Bonds.

* Brothers (Holdings) Ltd - V. Plus Venture Capital Pte Ltd, a wholly-owned

subsidiary of the Company, has reduced its investment in Oakwell Engineering Limited, an associated company of the Company, by disposing a total of 5,251,000 ordinary shares in the open market. Subsequent to the above disposal, the Company's shareholding in Oakwell has reduced from 20.84% to 19.96%. Accordingly, Oakwell ceases to be an associated company of the Company.

Fung Choi Media: Subsidary, Guangzhou Fung Choi Weixun Culture and Broadcasting Co., Ltd has established a new subsidiary in the People's Republic of China (Shanghai Fung Choi Weixun Culture and Broadcasting Co., Ltd)

MIDAS : It's Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has been awarded "2007 China's Top Brand" by the General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China ("AQSIQ")

Sembcorp Marine : 591,046,630 bonus shares have been allocated.

Global Testing : Wins taiwan's government prestigious industrial
achievement innovation award for their business strategy.

Singapore stock news and announcements 10th sept


Keppel Corporation : It's wholly own-ed subsidary, Kephinance Investment
Pte Ltd, has acquired 465, 000 shares of K1 ventures limited, an
associated company of KCL.
KCL's interest in k1 ventures has increased from 35.21% to 35.23%


Sing Holdings Limited : It's subsidary, D9 Cairnhill Properties has increased it's issued and paid-up share capital from S$100 TO S$1,000,000 by an allotment and issue of
rights shares of 999,900 ordinary shares at s$1.00 per rights share.


Singapore Airport Terminal Services Limited (SATS) : Mr Clement Woon Hin Yong will be joining SATS as it's President and CEO from 1st November.
Before this appointment he was President, Geo Systems division of Leica Geosystems, a multinational corporation for spatial/surveying solutions.

OCBC: Share Buy-back

SC Global Developments : Issue price of each fully paid new share to shareholders who have elected to recieve the qualifying dividend shall be $4.84. Scrip Dividend Advices will be despatched on or about 12 September
2007 to Shareholders who have permanently elected to participate in the Scheme. Participating Shareholders who wish to cancel their permanent election should do so by completing and delivering to CDP a notice of cancellation.

LUNG KEE HOLDINGS LTD: Half yr results revenue up 26%, net profit up 100%, EPS (HK20.03 cents) up 100%. Substantial growth attributed to strong domestic consumption in China, as the automobile parts and accessories manufacturers enjoyed promising growth in orders. Expansion of the Heyuan plant in Guangdong province completed, further expanding the production capacity of the group.

CDW HOLDINGS: Clarified that interim dividend is 0.4US cents per share instead of 0.1US cents per share, to be paid on 5 Oct 2007.

UNITED INTERNATIONAL SECURITIES LTD: Announced that as of 5 Sept, group's unaudited NTA/share was S$2.02.

GOLDEN AGRI: Share split to 2 ordinary shares per current ordinary share.
Trading of sub-divided shares to commene on 11 Sept 9am

APAC STRATEGIC INVESTMENTS LTD: Revenue up 176% , Net profit up 18%.
Increas in revenue and gross profits were offset by higher expenses as company continued to build its selling/distribution channels and operations.

SINGTEL: Disposal of 49.9% of shareholding in Network i2i limited, selling to Bharti Airtel Limited for US$66.7mill. Gain on disposal will amount to approx S$104mill, of which s$72mill will be recognised in the 2Q ending 30 Sept 2007.

BANJOO: Company entering a MOU to acquire entire capital of Megatalk Pte Ltd from NTUC. Megatalk is principally engaged in providing telco services and related services. Proposed acquisition further enhances company's strategy to becoming the leading internet platform in PRC with proposed investments in online loterry, media and entertainment businesses.

Capital Land: Rock productions & capitaland develop integrated civic, cultural, retail & entertainment hub @ vista xchange, one-north on a 60 yr lease term @ a land bid price of S$188.988M expected to be completed by
2011

Financial One Corp: Financial One's taiwan subsidiary will increase its paid-in capital by placement of new shares 2 financial one & conversion of capital surplus.

Cambridge Industrial Trust - CIT to issue New Units for a private placement to raise up to S$193.9 million to fund the acquisition of the Target Properties

Armstrong - UK'sLloyd George raises stake from 4.11% to 5.43%. 2nd institutional fund to become substantial shareholder in 4 monthsL.loyd George manages over US$14.4 billion in assets in Asian and global emerging markets

Anwell has on 16 August 2007 subscribed for the third and fourth sub-tranches of the Tranche 1 Notes in the principal aggregate amountof S$2,000,000 (the "Third and Fourth Sub-tranche Notes") and a further sum of S$2,000,000 on 31 August 2007.

Pacific Healthcare extends India Operations with Strategic Investment in Heart Centres
- takes 15% stake in Cure Heart Limited which owns 68% of a cardiac care group in Bangalore and Goa, India
- Deal further reinforces Pacific's position as a regional premier healthcare services provider
-Strengthens ties with Kuwait Finance House (Malaysia)B hd

Fibrechem. Rights issue of 1 rights share for every 4 fibrechem shares.
Rights shares par value at $0.01 each and conversion price at S$0.50.

Wing Tai Signed Memorandum Of Understanding To Form Joint Venture Company with Jin Li Group, to be part of the Chengdu city's efforts to renew and develop its city centre. To develop a potential gross floor area of about 900,000 sq ft.

UniFiber - isseud zero-coupon convertible bond due 2012 US$25m, conversion price of $0.355

THE EDGE ISSUE - SEP 03 - SEP 09, 2007.

COVER PAGE : Waiting out the STORM - Close to 80% of retail funds in Singapore lost money during the last three months.
COVER STORY : Equities still the preferred asset class(Page PW 2)
COVER STORY : Brazil valuations and earnings grow attractive(Page PW 4)
Doors to world's biggest casino open (Page 4)
S&P's Corbet leaves amid subprime fallout (Page 4)
Global overview : Who's the borrower ? (Page 6)
Tan Kim Seng's son among C2O's new investors (Page 8 )
Aussino lays the foundation for next growth spurt (Page 10)
Thorns in DBS's ROSA (Page 12)
Hotung now on a stronger footing, looks to China for new investments (Page 14)
WesTech's new share placement unlikely to satisfy all its funding needs (Page 16)
Pan Hong expands landbank amid heightened nervousness (Page 18 )
Cash is not always king (Page 18 )
Bouncing back with Centillion (Page 21)
Linair earnings soar on booming business in China, prepares for push into Mid East (Page 22)
Soft options for hard drives (Page 23)
Magnecomp's sale of HDD business a sign of industry maturity (Page 23)
Nokia's new door to revenue (Page 24)
Malaysian carriers flying high (Page 25)
Should Singapore worry about rising inflation ? (Page 26)
Why some nations stumble, others soar (Page 27)
When floodgates of Chinese capital open (Page 28 )
Another volatile week (Page 29)
Uni-Asia Finance : Riding the ship-financing and asset management wave (Page 30)
Buyout funds face elusive returns (Page 31)
Kuik family ups stake in Sim Lian Group (Page 34)
Fighting for quality (Page 40)
Dog days for the market (Page 40)


CITY & COUNTRY:

Ascendas India Trust : Ahead of the Game (Page CC 1)
Foreign investor appetite in India still strong (Page CC 5)
Mumbai rents are at 'exorbitant' levels (Page CC 6)
UK Lenders tighten subprime credit (Page CC 6)
Billionaire Adelson weighs India, Japan plans at Macau opening (Page CC 7)


BROKERS DIGEST:

Chemoil Energy (Aug 60: 62.5 US cents) TP: US$1.02
BUY (initiating coverage). Chemoil is a global leader in the marine-fuel supply chain. Chemoil has a very strong track record of delivering growth, which we expect will continue. The main drivers for the company's earnings growth will be the US$300 million ($457.5 million) capex programme, which should improve operational efficiencies such that the gross contribution per tonne increases from US$9.10 per ton in 2006 to US$10.50 per ton in 2008-09F. We estimate sales volumes will increase by 5% per annum, which is above the industry growth rate of 4% in the past decade, We derive our target price of US$1.02 (70% potential upside) using a three-stage DCF valuation, assuming a weighted average cost of capital (WACC) of 8.87%. - ABN Amro Research (Aug 27)

GuocoLand (Holdings) (Aug 30: $4.72) TP: $5.55
MAINTAIN BUY. 4Q2007 revenue grew 506% y-o-y to $361 million with profit after tax and minority interest increasing 262% to 194.7 million. This was due to higher contributions from projects in Singapore and Beijing, as well as revaluation of their investment properties, mostly from Tung Centre in Collyers Quay ($116.3 million) and the gain on the sale of BIL ($19.3 million). Cash and cash equivalents increased to $1.1 billion after it issued $690 million worth of convertible bonds in April. GuocoLand is proposing a final cash dividend of eight cents per share, the same as last year. We have fine-tuned our FY2008 and introduced FY2009 numbers and maintain a target price of $5.55, with a 10% premium due to its multinational exposure. - DBS Vickers Securities (Aug 27)

Rotary Engineering (Aug 30: $1.19) TP: $1.53
MAINTAIN BUY. Rotary recently reported a strong set of 1H2007 results, with turnover of $272 million and a record net profit of $28 million. The increase in turnover was largely due to revenue recognition from several ongoing projects on Jurong Island, namely the $547 million Universal Terminal project, which is 80% completed. We are revising up our revenues from $490 million to $549 million in FY2007 and from $537 million to $608 million in FY2008. Subsequently, our net profit estimates have been raised to $46.y million in FY2007 and $50.2 million in FY2008. We value Rotary on 18x PER FY07/08 blended earnings, a slight discount to the industry average PER of 21x. Our fair value estimate for the stock is raised by 27.5% to $1.53. - OCBC Investment Research (Aug 28)

China Haida (Aug 30: 24 cents) TP: 43 cents
MAINTAIN BUY. CH delivered revenue of 219.2 million renminbi ($44.3 million) in 1HFY2007. Gross margin suffered a 3.4 percentage point cut to yield a gross profit of 181.4 million renminbi, as a result of higher raw materials costs for aluminium panels. Profit before tax grew 12.8% while net profit after tax plunged to 17.1 million renminbi, 8.8% below 18.7 million renminbi in 1HFY2006. This is due to the cessation of concessionary tax rates of 12% and the application of the full tax rate of 27% and the inclusion of some non-tax deductible items. CH is trading at 5.5x FY2007F PER and 4.1x FY2008F PER. Our target price of 43 cents is derived on 8x FY2008F EPS. At the current share price of 26 cents, it is supported by 1x P/NTA FY2008F and 0.1x PEG FY08F. - Westcomb Securities (Aug 27)

Hiap Seng Engineering (Aug 30: 83.5 cents) TP: 84 cents
MAINTAIN BUY. The group recorded impressive FY2007 revenue and profits. Turnover grew 63.1% to $180.8 million, driven largely by the strong uptake of compression and process projects. Operating profits surged by 171.6% to $18.56 and profits attributable to shareholders grew 175% to $15.436 million. Gross margin for FY2007 improved to 17.66% from 13.36%, driven by the conscious efforts in project management control and cost controls. Its order book currently stands at about $226.2 million. With the current buoyancy of the oil and gas industry, we expect its full-year order book to be about $300 million. Using a DCF model, the fair value of Hiap Seng is pegged at 84 cents. At the current price of 81 cents, the counter offers an upside potential of 16%. - NRA Research (Aug 29)

SMB United (Aug 30: 36 cents) TP: 54 cents
MAINTAIN HOLD.SMB United reported a good set of 1H2007 results with net profit of $8.9 million on revenue of $76.8 million. The 1H2007 performance included a gain of $3.1 million from the divestment of Oculus shares (balance of $3.3 million to be booked in 2H2007) and reversal of provision for doubtful debt of $1.6 million. SMB United has declared special dividend of 1.3 cents per share as a distribution for the gain of $6.4 million from the divestment of 22.5 million Oculus shares. We forecast earnings growth of 57.1% in FY2007, driven by volume and margin expansion for switchgear business. We expect earnings growth of 40.5% in FY2008, driven by contribution from contracts related to the integrated resorts. Our target price is 54 cents based on FY2008 PER of 15x. - UOB KayHian (Aug 24)

Federal Int'l (Aug 30: 78.5 cents) TP: $1.03
BUY (initiating coverage). The company has over the past two years made great strides into new businesses and is now reaping the profits of its labours. From a valve trading business, Federal now manufactures oil-and-gas equipment; owns a floating, storage and offloading vessel; has a contract for a power generation plant; and has delved into several joint ventures to expand its revenue base and create more recurring incomes. Federal's order book currently stands at about $229.5 million and we see them actively growing their base with more long-term contracts. FY2007 should see a 44% growth while expectations for FY2008 are at 25.6% net profit growth. Target price is $1.03, citing an upside of 36.8%. - OSK Research (Aug 28)

Olam Int'l (Aug 30: $3.02) TP: $3.57
MAINTAIN BUY. Olam announced a FY2007 net profit of $109 million, up 25.0% y-o-y. This was in line with our estimation of $109.5 million. On a per share basis, Olam recorded a 7.01 cents EPS for FY2007, a 25% increase from the 5.61 cents achieved in FY2006. Strong growth is driven by growth in sales volume and net contribution across all business segments. In our valuation model, we assume an average growth rate of 26% compound annual growth rate over the initial high growth period from FY2008-13 inclusive. Most of the five major acquisitions announced this year are expected to be earnings-accretive by mid-FY2008. Our valuation yield a fair value of $3.57, which translates to a FY2008 PER of 40.4x and P/BV of 10.8x. - Phillip Securities Research (Aug 30)

Thai Beverage Public Co (Aug 30: 25 cents) TP: 24 cents
MAINTAIN SELL. The Thai cabinet passed higher excise taxes on liquor and cigarettes, effective Aug 29. The new tax increases should affect Thai Beverage's white spirits, its Hong Thon brown spirits and its mid-range Scotch whisky products. Sangsom brown spirits products appear unaffected. We see a lack of growth drivers for Thai Beverage and believe the company also faces emerging threats, which could cause sales to decline. Our 24-cent target price for ThaiBev is based on our DCF analysis, which uses a WACC of 9.2% (beta of 0.75) and models a time horizon to 2014. Therafter, we assume a realistic 2% terminal growth rate. Based on our DCF valuation, the implied target PER is 11.5x FY2007E EPS. - Citigroup Research (Aug 28)


PERSONAL WEALTH SECTION:

Fund strategy in a volatile market (Page PW 1)
Commodity funds trounce falling stocks (Page PW 5)
Hedge fund investors trying to redeem the unknown (Page PW 5)
The Fed, investor confidence and volatility (Page PW 8 )


VOLUME MOVERS:

Centillion Environment and Recycling Ltd
Oculus Ltd
LC Development Ltd
Lian Beng Group Ltd


HOT STOCKS: THE TIDE GOES OUT FOR SOME MARINE STOCKS

COSCO CORP - Superior relative strength (Support at $4.62, a successful break above $5 mark indicates a target of $6.30)
Labroy Marine - Breakdown (A break below $2 indicates a target of $1.65)
Sembcorp Industries - Possible retreat (Resistance at $5.50. A pull back is likely to $5.25. A Break below this level will lead to a downside of $4.64)
Keppel Corp - Rebound ahead (Support at $12.30, Next upside is $14.00)
SembCorp Marine - Testing resistance, attempting breakout (tp = $4.80)
ASL Marine - Could break down (tp = $1.20