The nation’s favourite French chef and TV personality Jean-Christophe Novelli today announced the signing of an exclusive partnership with Genting Stanley to continue its drive to premiumise its restaurant offer across the UK’s largest casino operation.
Novelli, who launched his first UK restaurant in 1996, will be creating his own signature menu for the leading casino group and a series of money-can’t-buy experiences will be available for casino members to win throughout 2008. He will also be training some of Genting Stanley’s top chefs at his own academy in Hertfordshire.
Seasonal promotional activity, key appearances and work with selected casinos will deliver his unique touch to Genting Stanley’s dining experience, which has already seen the introduction of brand new dining concepts such as 110 and à la carte fine dining at its Equations.
Jean-Christophe opened the Novelli training academy in 2005, which was voted in the top 25 Cookery schools in the world within 3 months of opening and will shortly be expanded due to popular demand. He also opened his first “A Touch of Novelli” pub in Hertfordshire in 2006.
Jean-Christophe appeared on the first series of Hell’s Kitchen and continues to appear regularly on television as co-presenter on slots such as ITV’s Saturday Cooks, Daily Cooks and CH4’s Richard & Judy. He is also the most popular French chef on the Asian Food Channel and will shortly be starting a series in the USA. Next year he will be celebrating 25 years of living and working in the UK.
“I am very excited to be working with Genting Stanley at a time when they are leading the way in creating a premium casino experience across the country. My dishes will be totally exclusive to their restaurants and I love the idea of taking my food to new audiences in a different leisure environment,” he said.
Peter Brooks, Genting Stanley Executive Deputy Chairman said: “Jean Christophe’s involvement in our menus and training is another and exciting demonstration of our on-going commitment to develop our casinos as not only premier leisure destinations, but as some of the country’s top dining destinations as well.”The new dishes are due to launch in late January.
Source
Wednesday, January 30, 2008
Shanghai copper steady; zinc soars on supply worries
SHANGHAI, Jan 30 (Reuters) - Shanghai copper was steady on Wednesday, while aluminium and zinc jumped, fuelled by gains in London base metals and supply concerns due to stoppages at Chinese smelters.
The April copper contract, the most active on the Shanghai Futures Exchange, closed down 20 yuan at 60,530 yuan ($8,414) a tonne, after gaining 2.6 percent in the previous session.
Wintry weather slowed deliveries of copper, said a Shanghai-based LME trader, but heavy snow also hampered consumption.
"Chinese fabricators will finish their purchasing for production during the Lunar New Year holidays by the end of this week, while we expect more imports will be delivered in Shanghai in early February," he said.
Traders forecast that copper stockpiles monitored by the Shanghai Futures Exchange would rise marginally this week, from their lowest level since mid-2005.
The Shanghai Futures Exchange has removed a regulation requiring traders who deliver copper and aluminium to the exchange to show duty-paid certificates, as China recently removed all duties on imported refined copper and primary aluminium, the exchange said in a notice filed early this week.
In Shanghai's spot market, prices rose 600 yuan a tonne, ranging between 62,100 yuan and 62,400 yuan. The spot premium dropped 450 yuan to around 100 yuan a tonne.
Copper for delivery in three months on the London Metal Exchange fell $51 to $7,240 a tonne by 0703 GMT, after gaining more than 3 percent on Tuesday to hit a two-week high after strong U.S. economic data.
"Stiffer resistance lies at the $7,450 mark, which we think will hold at this point. When we do get some selling, it should be after the Fed decision is out of the way," MF Global analyst Edward Meir said in a note. The U.S. Federal Reserve is expected to cut benchmark interest rates by half a percentage point on Wednesday after a two-day meeting. Last week, it slashed rates by 75 basis points to 3.5 percent to help boost confidence.
SHUTDOWN BOOSTS PRICES
Chaotic winter weather has besieged China's business and farming heartland, with no quick end in sight to weeks of snow and ice that have trapped energy and food flows ahead of a big national holiday.
Icy temperatures, snow and sleet pummelling much of central, eastern and southern China have forced some major metals firms to halt their facilities because of power interrupt, reducing production of aluminium, lead, zinc, antimony and ferroalloys in snow-hit Chinese provinces.
China's top zinc producer Zhuye shut all production facilities on Tuesday night amid a blackout, its board secretary said on Wednesday. The firm runs a 400,000 tonne-a-year zinc facility and a 100,000 tonne-a-year lead smelter.
Shanghai's most-traded April zinc ended up 2 percent at 19,580 yuan a tonne, while three-month London zinc was down $30 at $2,350 a tonne.
The April aluminium contract on the Shanghai Futures Exchange rose 150 yuan to 19,390 yuan a tonne, while LME aluminium lost $10 to $2,640.
"Apparently Chinese smelters lost some output during the snow storms, but rapid expansion will help them to catch up in the remainder of the year," said analyst Wu Peng at Jinrui Futures.
The April copper contract, the most active on the Shanghai Futures Exchange, closed down 20 yuan at 60,530 yuan ($8,414) a tonne, after gaining 2.6 percent in the previous session.
Wintry weather slowed deliveries of copper, said a Shanghai-based LME trader, but heavy snow also hampered consumption.
"Chinese fabricators will finish their purchasing for production during the Lunar New Year holidays by the end of this week, while we expect more imports will be delivered in Shanghai in early February," he said.
Traders forecast that copper stockpiles monitored by the Shanghai Futures Exchange would rise marginally this week, from their lowest level since mid-2005.
The Shanghai Futures Exchange has removed a regulation requiring traders who deliver copper and aluminium to the exchange to show duty-paid certificates, as China recently removed all duties on imported refined copper and primary aluminium, the exchange said in a notice filed early this week.
In Shanghai's spot market, prices rose 600 yuan a tonne, ranging between 62,100 yuan and 62,400 yuan. The spot premium dropped 450 yuan to around 100 yuan a tonne.
Copper for delivery in three months on the London Metal Exchange fell $51 to $7,240 a tonne by 0703 GMT, after gaining more than 3 percent on Tuesday to hit a two-week high after strong U.S. economic data.
"Stiffer resistance lies at the $7,450 mark, which we think will hold at this point. When we do get some selling, it should be after the Fed decision is out of the way," MF Global analyst Edward Meir said in a note. The U.S. Federal Reserve is expected to cut benchmark interest rates by half a percentage point on Wednesday after a two-day meeting. Last week, it slashed rates by 75 basis points to 3.5 percent to help boost confidence.
SHUTDOWN BOOSTS PRICES
Chaotic winter weather has besieged China's business and farming heartland, with no quick end in sight to weeks of snow and ice that have trapped energy and food flows ahead of a big national holiday.
Icy temperatures, snow and sleet pummelling much of central, eastern and southern China have forced some major metals firms to halt their facilities because of power interrupt, reducing production of aluminium, lead, zinc, antimony and ferroalloys in snow-hit Chinese provinces.
China's top zinc producer Zhuye shut all production facilities on Tuesday night amid a blackout, its board secretary said on Wednesday. The firm runs a 400,000 tonne-a-year zinc facility and a 100,000 tonne-a-year lead smelter.
Shanghai's most-traded April zinc ended up 2 percent at 19,580 yuan a tonne, while three-month London zinc was down $30 at $2,350 a tonne.
The April aluminium contract on the Shanghai Futures Exchange rose 150 yuan to 19,390 yuan a tonne, while LME aluminium lost $10 to $2,640.
"Apparently Chinese smelters lost some output during the snow storms, but rapid expansion will help them to catch up in the remainder of the year," said analyst Wu Peng at Jinrui Futures.
Copper firms on U.S. data, rate cut hopes
LONDON, Jan 29 (Reuters) - Copper prices gained more than 3 percent on Tuesday to hit a two-week high after strong U.S. economic data fanned optimism sparked by expectations of aggressive U.S. rate cuts.
Aluminium rose more than 5 percent to $2,654.5 a tonne, the highest since Nov. 7, on concern about supplies from China, a major producer of the metal used extensively in the power, packaging and construction industries.
Copper for delivery in three months on the London Metal Exchange ended up at $7,291 a tonne after an earlier high at $7,320 and $7,060 at Monday's close. Copper is a key raw material for the power and construction industries.
At the New York Mercantile Exchange's COMEX division, copper for March delivery peaked at $3.3185 a lb, its highest level since Jan. 15, before ending the day up 10.95 cents, or 3.4 percent, to $3.2990.
New orders for durable goods rose by an above-consensus 5.2 percent in December and a key gauge of business spending also surged. The news helped equity and commodity markets to extend early gains.
"The equity markets really liked the durable goods orders and from a base metals perspective the data is also really good news," said Michael Jansen, analyst at JPMorgan.
Jansen added that momentum had gathered pace as speculators cut short positions -- bets on lower prices.
The U.S. Federal Reserve is expected to cut benchmark interest rates by half a percentage point on Wednesday after a two-day meeting. Last week it slashed rates by 75 basis points to 3.5 percent to help boost confidence.
"Clearly there is the expectation of the Fed riding to the rescue," said Stephen Briggs, analyst at SGCIB. "But there is a big debate as to whether they will be able to rescue us from recession." CHINA INFLUENCE
Industrial metals have tumbled in recent weeks on growing expectations that U.S. economic problems will hamper growth in countries such as China, which are reliant on exports to the United States.
"There's a lot of focus on the U.S.," said Kevin Norrish, analyst at Barclays Capital.
"But I think the more important question is what's going on outside the U.S., particularly in China, because to a great extent the metals consuming industries in the U.S. have been in recession for a while."
China is estimated to account for about 25 percent of copper demand, making it the world's largest consumer of copper.
Norrish said China was also very important in terms of supply, particularly for aluminium, where the smelting process is energy intensive.
Power shortages in China and South Africa have given bulls the excuse they need to buy aluminium.
"Buying on fundamentals pushed aluminium through the key $2,550 level and the momentum just picked up from there," one trader said, adding that he expected analysts to revise down aluminium surplus forecasts for this year.
Aluminium ended at $2,650 from $2,512 on Monday.
Lead finished at $2,770 from Monday's last quote at $2,660/2,664. Traders said lead's earlier rise to an eight-week high of $2,765 a tonne was due to speculative buying.
Zinc gained to $2,380 from $2,290, nickel to $27,750 from $27,000 and tin to $16,900 from $16,500.
Aluminium rose more than 5 percent to $2,654.5 a tonne, the highest since Nov. 7, on concern about supplies from China, a major producer of the metal used extensively in the power, packaging and construction industries.
Copper
At the New York Mercantile Exchange's COMEX division, copper for March delivery
New orders for durable goods rose by an above-consensus 5.2 percent in December and a key gauge of business spending also surged. The news helped equity and commodity markets to extend early gains.
"The equity markets really liked the durable goods orders and from a base metals perspective the data is also really good news," said Michael Jansen, analyst at JPMorgan.
Jansen added that momentum had gathered pace as speculators cut short positions -- bets on lower prices.
The U.S. Federal Reserve is expected to cut benchmark interest rates by half a percentage point on Wednesday after a two-day meeting. Last week it slashed rates by 75 basis points to 3.5 percent to help boost confidence.
"Clearly there is the expectation of the Fed riding to the rescue," said Stephen Briggs, analyst at SGCIB. "But there is a big debate as to whether they will be able to rescue us from recession." CHINA INFLUENCE
Industrial metals have tumbled in recent weeks on growing expectations that U.S. economic problems will hamper growth in countries such as China, which are reliant on exports to the United States.
"There's a lot of focus on the U.S.," said Kevin Norrish, analyst at Barclays Capital.
"But I think the more important question is what's going on outside the U.S., particularly in China, because to a great extent the metals consuming industries in the U.S. have been in recession for a while."
China is estimated to account for about 25 percent of copper demand, making it the world's largest consumer of copper.
Norrish said China was also very important in terms of supply, particularly for aluminium, where the smelting process is energy intensive.
Power shortages in China and South Africa have given bulls the excuse they need to buy aluminium.
"Buying on fundamentals pushed aluminium through the key $2,550 level and the momentum just picked up from there," one trader said, adding that he expected analysts to revise down aluminium surplus forecasts for this year.
Aluminium ended at $2,650 from $2,512 on Monday.
Lead finished at $2,770 from Monday's last quote at $2,660/2,664. Traders said lead's earlier rise to an eight-week high of $2,765 a tonne was due to speculative buying.
Zinc gained to $2,380 from $2,290, nickel to $27,750 from $27,000 and tin to $16,900 from $16,500.
Singapore Hot Stocks-China Sky Chem up on acquisition deal
SINGAPORE, Jan 29 (Reuters) - Shares of China Sky Chemical Fibre rose as much as 9.6 percent to S$1.48 with 1 million shares traded after the nylon fibre manufacturer said it has agreed to acquire Qingdao ZhongDa Chemical Fibre for RMB450 million ($62.53 million).
The Singapore-listed Chinese firm will pay 60 percent of the amount in cash, and the remaining 40 percent through the issue of 21 million new ordinary shares for between S$1.70 and $2.00 per share.
0127 GMT - Straits Times Index down 0.05 percent.
BBR HLDGS RISES ON CONTRACT WIN
Shares of BBR Holdings rose as much as 14.3 percent to S$0.08 with 2.4 million shares traded after the firm said it secured a S$95.3 million ($67.11 million) contract to build an office complex.
The two 12-storey tower blocks in western Singapore are expected to be completed by August 2009, the firm said in a statement on Monday.
0127 GMT - Straits Times Index up 1.18 percent.
The Singapore-listed Chinese firm will pay 60 percent of the amount in cash, and the remaining 40 percent through the issue of 21 million new ordinary shares for between S$1.70 and $2.00 per share.
0127 GMT - Straits Times Index down 0.05 percent.
BBR HLDGS RISES ON CONTRACT WIN
Shares of BBR Holdings rose as much as 14.3 percent to S$0.08 with 2.4 million shares traded after the firm said it secured a S$95.3 million ($67.11 million) contract to build an office complex.
The two 12-storey tower blocks in western Singapore are expected to be completed by August 2009, the firm said in a statement on Monday.
0127 GMT - Straits Times Index up 1.18 percent.
Monday, January 28, 2008
Genting to gain from Landmarks’ gaming foray
KUALA LUMPUR: Landmarks Bhd’s possible venture into gaming operations in Indonesia’s Bintan Island has put its parent Genting Bhd in the spotlight as analysts believe it would enable the latter to expand its clientele base amid a wider regional presence.
Moreover, the presence of a gaming unit within Landmarks’ RM4.07 billion “Bintan Treasure Bay” mixed development in Bintan Island’s Treasure Bay enclave is also seen as a catalyst for potential upsides in the value of real estates in the integrated resort, analysts said.
Speaking to The Edge Financial Daily, a Landmarks official said the company would study the feasibility of running a gaming unit in Bintan after the green light from the Indonesian authorities.
“We are still deliberating on the gaming business, which will be Landmarks’ first,” the official said.
The Edge Financial Daily reported last Friday that Landmarks had received consent from the Indonesian authorities to undertake gaming business in Treasure Bay following the zoning of the enclave as an exclusive integrated tourism zone (EITZ).
Treasure Bay’s new status follows an agreement between Landmarks’ 74%-owned Bintan Treasure Bay Pte Ltd (BTB) and Indonesia-based PT Wisata Hiburia (PTWH) for the zoning of 3.4 million square metres of leasehold land belonging to BTB subsidiary PT Pelangi Bintan Indah.
The deal also allows Landmarks to conduct other businesses including medical tourism, besides multimedia and information technology hosting, Landmarks told Bursa Malaysia last week. BTB is undertaking the development of integrated resorts (IR), commercial and residential properties at Treasure Bay.
The zoning fee payable by BTB to PTWH for designating the proposed development as an EITZ will be based on 10% of the net profit on the sale of the proposed IR development.
OSK Investment Bank said: “It is a good thing for Genting as it can diversify geographically, and have a bigger captive market to cross-sell its products.” Genting via wholly-owned Phoenix Spectrum Sdn Bhd holds a 30.31% stake in Landmarks.
CIMB Research, meanwhile, said the inclusion of Landmark’s gaming business was positive for Genting as the resort and casino operator would have key interests in three gaming licences within Southeast Asia, one each in Malaysia, Singapore and Indonesia.
“This cements Genting’s position as the leading gaming player within the region,” CIMB said in a note last Friday.
CIMB, which maintains an outperform on Genting, with a target price of RM11, added that the fact that Landmarks had also obtained approval for other businesses, apart from gaming, also significantly enhances the viability and value of its Treasure Bay project.
The RM4.07 billion Bintan Treasure Bay aims to capitalise on the anticipated increase in tourist arrivals and rising affluence in the region, according to Landmarks filings to the exchange in December 2006.
Landmarks had in October 2007 signed a memorandum of understanding with China Metallurgical Group Corporation as initial arrangements for the possible appointment of the Chinese entity as the main contractor for the project.
Construction of Bintan Treasure Bay is expected to start in the second half of 2008, and due for completion within eight years.
Source
Moreover, the presence of a gaming unit within Landmarks’ RM4.07 billion “Bintan Treasure Bay” mixed development in Bintan Island’s Treasure Bay enclave is also seen as a catalyst for potential upsides in the value of real estates in the integrated resort, analysts said.
Speaking to The Edge Financial Daily, a Landmarks official said the company would study the feasibility of running a gaming unit in Bintan after the green light from the Indonesian authorities.
“We are still deliberating on the gaming business, which will be Landmarks’ first,” the official said.
The Edge Financial Daily reported last Friday that Landmarks had received consent from the Indonesian authorities to undertake gaming business in Treasure Bay following the zoning of the enclave as an exclusive integrated tourism zone (EITZ).
Treasure Bay’s new status follows an agreement between Landmarks’ 74%-owned Bintan Treasure Bay Pte Ltd (BTB) and Indonesia-based PT Wisata Hiburia (PTWH) for the zoning of 3.4 million square metres of leasehold land belonging to BTB subsidiary PT Pelangi Bintan Indah.
The deal also allows Landmarks to conduct other businesses including medical tourism, besides multimedia and information technology hosting, Landmarks told Bursa Malaysia last week. BTB is undertaking the development of integrated resorts (IR), commercial and residential properties at Treasure Bay.
The zoning fee payable by BTB to PTWH for designating the proposed development as an EITZ will be based on 10% of the net profit on the sale of the proposed IR development.
OSK Investment Bank said: “It is a good thing for Genting as it can diversify geographically, and have a bigger captive market to cross-sell its products.” Genting via wholly-owned Phoenix Spectrum Sdn Bhd holds a 30.31% stake in Landmarks.
CIMB Research, meanwhile, said the inclusion of Landmark’s gaming business was positive for Genting as the resort and casino operator would have key interests in three gaming licences within Southeast Asia, one each in Malaysia, Singapore and Indonesia.
“This cements Genting’s position as the leading gaming player within the region,” CIMB said in a note last Friday.
CIMB, which maintains an outperform on Genting, with a target price of RM11, added that the fact that Landmarks had also obtained approval for other businesses, apart from gaming, also significantly enhances the viability and value of its Treasure Bay project.
The RM4.07 billion Bintan Treasure Bay aims to capitalise on the anticipated increase in tourist arrivals and rising affluence in the region, according to Landmarks filings to the exchange in December 2006.
Landmarks had in October 2007 signed a memorandum of understanding with China Metallurgical Group Corporation as initial arrangements for the possible appointment of the Chinese entity as the main contractor for the project.
Construction of Bintan Treasure Bay is expected to start in the second half of 2008, and due for completion within eight years.
Source
新加坡股市收盘走低，受投资者获利回吐及美国股市跌势影响
新加坡股市周一收盘下跌近4%，追随美国股市上周五跌势，受投资者获利回吐拖累；与此同时市场正期待从新的消息中了解美国经济是否会步入衰退。
海峡时报指数收盘跌118.42点，至3041.06点，跌幅3.7%。
海峡时报指数30只成份股全线走低，大盘593只个股下跌，190只个股上涨。
市场交投清淡，成交量为14亿股，上周五为20亿股。
某当地交易员称，本周市场前景将取决于周二开始的美国联邦储备委员会(Federal Reserve，简称Fed)会议结果，以及本周待公布的重要美国经济数据。
本周待公布的数据包括：周一的美国12月份预售屋销售数据以及周三的美国第四季度国内生产总值(GDP)报告。
海峡时报指数收盘跌118.42点，至3041.06点，跌幅3.7%。
海峡时报指数30只成份股全线走低，大盘593只个股下跌，190只个股上涨。
市场交投清淡，成交量为14亿股，上周五为20亿股。
某当地交易员称，本周市场前景将取决于周二开始的美国联邦储备委员会(Federal Reserve，简称Fed)会议结果，以及本周待公布的重要美国经济数据。
本周待公布的数据包括：周一的美国12月份预售屋销售数据以及周三的美国第四季度国内生产总值(GDP)报告。
Saturday, January 26, 2008
Bintan's game - Landmarks to open integrated project with casino on Bintan
Bintan's game Landmarks to open integrated project with casino on Bintan
Tan Hui Lenghuileng@mediacorp.com.sg
Soon there will be more options for gaming in the region, with Malaysia-based Landmarks developing an integrated project with casino on the Indonesian island of Bintan, less than an hour's ferry ride from Singapore.
Landmarks is 30.3-per-cent owned by Genting, which is also developing the integrated resort with casino on Sentosa, expected to open for business in 2010, a year after the Marina Bay Sands.
Genting officials declined to comment on the Landmarks development.
In its statement to the Malaysian stock exchange, Landmarks said that its subsidiary, Bintan Treasure Bay, had signed an agreement for the zoning of its site for gaming, medical tourism and technology hosting. Buoyed by the news of the agreement, Landmark shares rose 22 sen ($0.10), or 7.4 per cent, to RM3.18 on Bursa Malaysia yesterday, valuing the property group at slightly over RM1.5 billion.
Landmarks said the zoning and collaboration with a company incorporated in Indonesia "will greatly enhance the development potential of Treasure Bay, Bintan, as a leading tourism destination in the region." Landmarks had been in talks with the island's authorities to legalise gambling. It is estimated that the gaming industry could raise the island's annual income tenfold to US$132 million ($187.7 million).
Located in the Lagoi area of the island, the Bintan Treasure Bay site occupies 342 hectares. The project, which should be fully developed in eight years, will comprise 13 lots of estate island villas; 745 units of luxury island and deluxe villas with berthing facilities; 1,700 units of marina and hillside condominiums; commercial shop lots; and a six-star resort and wellness centre.
Source
Tan Hui Lenghuileng@mediacorp.com.sg
Soon there will be more options for gaming in the region, with Malaysia-based Landmarks developing an integrated project with casino on the Indonesian island of Bintan, less than an hour's ferry ride from Singapore.
Landmarks is 30.3-per-cent owned by Genting, which is also developing the integrated resort with casino on Sentosa, expected to open for business in 2010, a year after the Marina Bay Sands.
Genting officials declined to comment on the Landmarks development.
In its statement to the Malaysian stock exchange, Landmarks said that its subsidiary, Bintan Treasure Bay, had signed an agreement for the zoning of its site for gaming, medical tourism and technology hosting. Buoyed by the news of the agreement, Landmark shares rose 22 sen ($0.10), or 7.4 per cent, to RM3.18 on Bursa Malaysia yesterday, valuing the property group at slightly over RM1.5 billion.
Landmarks said the zoning and collaboration with a company incorporated in Indonesia "will greatly enhance the development potential of Treasure Bay, Bintan, as a leading tourism destination in the region." Landmarks had been in talks with the island's authorities to legalise gambling. It is estimated that the gaming industry could raise the island's annual income tenfold to US$132 million ($187.7 million).
Located in the Lagoi area of the island, the Bintan Treasure Bay site occupies 342 hectares. The project, which should be fully developed in eight years, will comprise 13 lots of estate island villas; 745 units of luxury island and deluxe villas with berthing facilities; 1,700 units of marina and hillside condominiums; commercial shop lots; and a six-star resort and wellness centre.
Source
Star Cruises, NCL Corp affirmed at 'B'; taken off negative watch - S&P
MUMBAI, Jan. 25, 2008 (Thomson Financial delivered by Newstex) -- Standard & Poor's (NYSE:MHP) Ratings Services affirmed its 'B' corporate credit ratings on Hong Kong-based Star Cruises Ltd and US-based NCL Corp Ltd and removed them from negative watch.
The outlook for the rating on Star Cruises is stable, while that for NCL is negative. The 'CCC+' rating on NCL's senior unsecured debt has also been affirmed.S&P placed the ratings on the watch list in December 2007 after an assessment of ultimate shareholding group Genting Bhd's business portfolio, and the significant investment by Apollo Management LP, in Star Cruises' most important subsidiary, NCL.
On Jan 7, US-based private equity fund Apollo Management invested 1 bln usd for a 50 pct stake in NCL, with proceeds earmarked for reducing NCL's debt.'The ratings on Star Cruises and NCL factor in the financial flexibility they get from their links to Genting and to its major shareholder, the Lim family, though we believe Genting's economic incentive to support Star Cruises or NCL has diminished due to a shift in Genting's investment priorities,' the rating agency said.
Despite this sizable equity injection, NCL has an aggressive and potentially weakening financial profile, due to its historically poor operating performance and expected debt increase to fund its two Aker ships, it added.
Before December this year, Star Cruises and Apollo Management will decide whether to continue or wind up NCL's Hawaiian operations, where three of the company's 13 ships operate.
This impending decision is not likely to affect the rating on NCL, the rating agency said.Going forward, Star Cruises' financial statements will primarily reflect its Asian operation, it said.
Source
标普：确认丽星邮轮评级为「B」
评级机构标准普尔确认丽星邮轮(0678)与旗下的 NCLC 之企业信贷评级为「B」, 前者的评级展望为稳定,后者为负面,又将有关评级从观察名单上剔除。
美国私募基金 Apollo Management, L.P. 早前斥资10亿美元入股 NCLC,取得后者50%权益。标普称,交易完成后,丽星邮轮会以股权形式将 NCLC 的账目入账。
Source
The outlook for the rating on Star Cruises is stable, while that for NCL is negative. The 'CCC+' rating on NCL's senior unsecured debt has also been affirmed.S&P placed the ratings on the watch list in December 2007 after an assessment of ultimate shareholding group Genting Bhd's business portfolio, and the significant investment by Apollo Management LP, in Star Cruises' most important subsidiary, NCL.
On Jan 7, US-based private equity fund Apollo Management invested 1 bln usd for a 50 pct stake in NCL, with proceeds earmarked for reducing NCL's debt.'The ratings on Star Cruises and NCL factor in the financial flexibility they get from their links to Genting and to its major shareholder, the Lim family, though we believe Genting's economic incentive to support Star Cruises or NCL has diminished due to a shift in Genting's investment priorities,' the rating agency said.
Despite this sizable equity injection, NCL has an aggressive and potentially weakening financial profile, due to its historically poor operating performance and expected debt increase to fund its two Aker ships, it added.
Before December this year, Star Cruises and Apollo Management will decide whether to continue or wind up NCL's Hawaiian operations, where three of the company's 13 ships operate.
This impending decision is not likely to affect the rating on NCL, the rating agency said.Going forward, Star Cruises' financial statements will primarily reflect its Asian operation, it said.
Source
标普：确认丽星邮轮评级为「B」
评级机构标准普尔确认丽星邮轮(0678)与旗下的 NCLC 之企业信贷评级为「B」, 前者的评级展望为稳定,后者为负面,又将有关评级从观察名单上剔除。
美国私募基金 Apollo Management, L.P. 早前斥资10亿美元入股 NCLC,取得后者50%权益。标普称,交易完成后,丽星邮轮会以股权形式将 NCLC 的账目入账。
Source
Analysts Divided Over 2008 Zinc Prices due to China's Uncertain Impact
SHANGHAI (Interfax-China) -- Analysts have released varying forecasts for zinc prices this year as China's impact is undetermined, although all agree that zinc will be in surplus globally for the first time in years.
Despite predictions that zinc this year will be in surplus for the first time since 2003, a geographical gap between zinc concentrate supply and refined zinc smelting capacity is a factor expected to push up zinc prices on the London Metal Exchange, according to the latest analysis from CHR Metals.
A big surplus in global zinc concentrate supply is expected this year, despite disruptions from mining project delays and cancellations. "But the situation is that the major zinc concentrate suppliers are outside China, while the major zinc smelting capacity is inside China. We expect the global zinc market, China excluded, will experience a slight shortage, while China's domestic market will be approximately 100,000 tonnes in surplus this year," Claire Hassall, a CHR Metals analyst, told Interfax today.
China's zinc refining capacity grew 13% on an annual basis last year, dwarfing developments elsewhere in the world, and is expected to grow twice as fast as the rest of the world this year. This means that mines outside China will need even greater access to Chinese smelting capacity, CHR Metals said.
Zinc concentrate production will lift 9.6% from last year to 11.26 million tonnes this year, mainly from increased production in Bolivia, Australia, Canada and Peru, following a mining rush last year when zinc prices were high, Beijing Antaike Information told Interfax.
In addition, concern over a possible export tax on 0# refined zinc (>=99.995%), as well as the tax itself, may reduce zinc exports from China and further tighten the global refined zinc market.
China's previous export tax changes caused global zinc supply to dip by 250,000 tonnes last year.
Hassall predicted that the average LME zinc price will stand at around $2,500 per tonne in 2008.
However, some analysts still harbour downside predictions for zinc prices this year. According to a prediction by BNP Baribas, the global zinc market in 2008 will move into significant surplus, as supply from new projects and expansions comes on-stream, while China's possible export tax hikes on super high-grade zinc (0#zinc) will keep more metal off the global market and limit the fall on the LME.
UBS predicts that zinc prices will stabilize at around current levels in the short term, and the significant supply response expected from western producers in 2007 will put the market into surplus. However, China's growing zinc concentrate imports, as the country expands its galvanized steel capacity, will provide support for zinc prices in the long run.
The three-month zinc contract on the LME closed at $2,260 per tonne yesterday, down 2.26% from the previous trading day, while the most traded April 2008 zinc contract on the Shanghai Futures Exchange closed at RMB 18,790 ($2,607.37) per tonne today, down 0.05% from yesterday.
China increased the export tax on unwrought zinc (2#zinc<99.99%) from 5% to 10% on 1 June 2007, and raised it again to 15% on 1 January this year. Currently, 0#zinc enjoys a 5% value-added tax (VAT) export rebate. There is also a 5% export tax on 1#zinc.
Source
Despite predictions that zinc this year will be in surplus for the first time since 2003, a geographical gap between zinc concentrate supply and refined zinc smelting capacity is a factor expected to push up zinc prices on the London Metal Exchange, according to the latest analysis from CHR Metals.
A big surplus in global zinc concentrate supply is expected this year, despite disruptions from mining project delays and cancellations. "But the situation is that the major zinc concentrate suppliers are outside China, while the major zinc smelting capacity is inside China. We expect the global zinc market, China excluded, will experience a slight shortage, while China's domestic market will be approximately 100,000 tonnes in surplus this year," Claire Hassall, a CHR Metals analyst, told Interfax today.
China's zinc refining capacity grew 13% on an annual basis last year, dwarfing developments elsewhere in the world, and is expected to grow twice as fast as the rest of the world this year. This means that mines outside China will need even greater access to Chinese smelting capacity, CHR Metals said.
Zinc concentrate production will lift 9.6% from last year to 11.26 million tonnes this year, mainly from increased production in Bolivia, Australia, Canada and Peru, following a mining rush last year when zinc prices were high, Beijing Antaike Information told Interfax.
In addition, concern over a possible export tax on 0# refined zinc (>=99.995%), as well as the tax itself, may reduce zinc exports from China and further tighten the global refined zinc market.
China's previous export tax changes caused global zinc supply to dip by 250,000 tonnes last year.
Hassall predicted that the average LME zinc price will stand at around $2,500 per tonne in 2008.
However, some analysts still harbour downside predictions for zinc prices this year. According to a prediction by BNP Baribas, the global zinc market in 2008 will move into significant surplus, as supply from new projects and expansions comes on-stream, while China's possible export tax hikes on super high-grade zinc (0#zinc) will keep more metal off the global market and limit the fall on the LME.
UBS predicts that zinc prices will stabilize at around current levels in the short term, and the significant supply response expected from western producers in 2007 will put the market into surplus. However, China's growing zinc concentrate imports, as the country expands its galvanized steel capacity, will provide support for zinc prices in the long run.
The three-month zinc contract on the LME closed at $2,260 per tonne yesterday, down 2.26% from the previous trading day, while the most traded April 2008 zinc contract on the Shanghai Futures Exchange closed at RMB 18,790 ($2,607.37) per tonne today, down 0.05% from yesterday.
China increased the export tax on unwrought zinc (2#zinc<99.99%) from 5% to 10% on 1 June 2007, and raised it again to 15% on 1 January this year. Currently, 0#zinc enjoys a 5% value-added tax (VAT) export rebate. There is also a 5% export tax on 1#zinc.
Source
新加坡股市收盘走高，追随周边股市涨势；料将延续升势
新加坡股市周五继续上扬，追随亚洲主要股市的强劲涨势，原因是投资者对美国能避免经济衰退的信心有所增强。
海峡时报指数收盘涨109.39点，至3159.48点，涨幅3.6%。
成交量为20亿股，周四为24亿股。
在海峡时报指数30只成份股中，有27只上涨，1只平盘，2只下跌。
大盘有665只股票上涨，186只下跌。
某本地交易员认为，香港股市和印度股市走高给本地市场带来了提振。
他表示，在美国联邦储备委员会(Federal Reserve, 简称Fed)下周召开会议之前，新加坡股市料将维持涨势，因为市场预计届时Fed还将减息50个基点。但他同时指出，海峡时报指数一旦触及3300点，市场将可能面临获利回吐压力。
海峡时报指数收盘涨109.39点，至3159.48点，涨幅3.6%。
成交量为20亿股，周四为24亿股。
在海峡时报指数30只成份股中，有27只上涨，1只平盘，2只下跌。
大盘有665只股票上涨，186只下跌。
某本地交易员认为，香港股市和印度股市走高给本地市场带来了提振。
他表示，在美国联邦储备委员会(Federal Reserve, 简称Fed)下周召开会议之前，新加坡股市料将维持涨势，因为市场预计届时Fed还将减息50个基点。但他同时指出，海峡时报指数一旦触及3300点，市场将可能面临获利回吐压力。
Friday, January 25, 2008
DBSVickers Report - 25 Jan 2008
Ascendas India Trust: Growing Strongly
Buy S$1.04
Price Target : S$ 1.84
A-iTrust reported a strong set of 3Q08 results. Gross revenue was up 60% yoy and 7% qoq to S$27.0m. The strong performance was attributable to strong rental renewals at 91% above preceding rates and completion of 2 buildings, Vega at V and Crest at ITPC which added 1.1m sf to portfolio. Net profit was up >100% to S$33.2m mainly due to revaluation gain of S$28.1m (net of deferred tax) on its Vega property.
Revaluation gain. More revaluation gains are expected in the pipeline in 4Q08 when the Crest obtains the necessary certification.
Gearing at a low 4%, giving the trust ample borrowing capacity of S$550m for acquisitions up to management’s imposed limit of 60% gearing.
CapitaCommercial Trust : Strong organic growth at a discount
Buy S$1.91 Price
Target : S$ 2.97
CCT reported FY07 results in line with estimates. Revenue and NPI grew by 54.2% and 51.7% y-o-y to S$240.1m and S$174.0m respectively.
DPU was 8.7 cents growing by 18.7% y-o-y, translating to 4.6% yield. 4Q07 DPU came in at 2.33 cents. Revaluation gains of a further S$575.6m in 4Q07 accumulating to S$1.3bn for FY07 (portfolio valued at 4-4.5% cap rate) lowers CCT’s gearing to 24%.
This could provide CCT with more headroom for debt funding compared to equity currently for AUM growth. Net interest cover remains reasonable at 3.3x, and average cost of debt at 3.9%.
Mapletree Logistics: Leading Pan Asian Logistics player
Buy S$0.90 Price
Target : S$ 1.42 (Prev S$ 1.6)
Mapletree Logistics Trust (MLT) reported FY07 results within expectations. Distributable income increased 76% yoy to S$141.7m and DPU posted a growth of 30% y-o-y to 6.57 cents. This is mainly attributable to contributions from its acquisitions that resulted from a larger property portfolio. (70 properties as at 31 Dec '07 vs 41 properties in 31st Dec'06).
Rights issue postponed. This may result in limited acquisition growth in the near term due to its current gearing level of 53.4%. Debt-funded acquisitions is limited to a further S$405m out of which S$241m has been committed.
However, management has indicated that their immediate term target for DPU growth is through yield optimization from AEIs and positive rental reversions.
MobileOne: Dividends cannot compensate for weak business model
Hold S$1.92
Price Target : S$ 2.20 (Previous S$2.30)
Net profit of S$37.9m was down 5% y-o-y and 6% below consensus and our expectations. The company announced final dividend of 8.3 cents per share, which is slightly below our expectations of 10 cents per share.
EBITDA margin down at 36.9% from 40.9% year earlier. Despite lower handset sales, margins were lower than our expectations due to
(1) higher traffic expenses from IDD promotions and
(2) higher leased circuit costs due to more data usage from 3.5G wireless broadband.
Market share loss. Quite noticeable was market share loss in prepaid mobile to 26.1% from 27.5% in 3Q07 and in post-paid mobile to 28.5% from 28.9% in 3Q07.
Buy S$1.04
Price Target : S$ 1.84
A-iTrust reported a strong set of 3Q08 results. Gross revenue was up 60% yoy and 7% qoq to S$27.0m. The strong performance was attributable to strong rental renewals at 91% above preceding rates and completion of 2 buildings, Vega at V and Crest at ITPC which added 1.1m sf to portfolio. Net profit was up >100% to S$33.2m mainly due to revaluation gain of S$28.1m (net of deferred tax) on its Vega property.
Revaluation gain. More revaluation gains are expected in the pipeline in 4Q08 when the Crest obtains the necessary certification.
Gearing at a low 4%, giving the trust ample borrowing capacity of S$550m for acquisitions up to management’s imposed limit of 60% gearing.
CapitaCommercial Trust : Strong organic growth at a discount
Buy S$1.91 Price
Target : S$ 2.97
CCT reported FY07 results in line with estimates. Revenue and NPI grew by 54.2% and 51.7% y-o-y to S$240.1m and S$174.0m respectively.
DPU was 8.7 cents growing by 18.7% y-o-y, translating to 4.6% yield. 4Q07 DPU came in at 2.33 cents. Revaluation gains of a further S$575.6m in 4Q07 accumulating to S$1.3bn for FY07 (portfolio valued at 4-4.5% cap rate) lowers CCT’s gearing to 24%.
This could provide CCT with more headroom for debt funding compared to equity currently for AUM growth. Net interest cover remains reasonable at 3.3x, and average cost of debt at 3.9%.
Mapletree Logistics: Leading Pan Asian Logistics player
Buy S$0.90 Price
Target : S$ 1.42 (Prev S$ 1.6)
Mapletree Logistics Trust (MLT) reported FY07 results within expectations. Distributable income increased 76% yoy to S$141.7m and DPU posted a growth of 30% y-o-y to 6.57 cents. This is mainly attributable to contributions from its acquisitions that resulted from a larger property portfolio. (70 properties as at 31 Dec '07 vs 41 properties in 31st Dec'06).
Rights issue postponed. This may result in limited acquisition growth in the near term due to its current gearing level of 53.4%. Debt-funded acquisitions is limited to a further S$405m out of which S$241m has been committed.
However, management has indicated that their immediate term target for DPU growth is through yield optimization from AEIs and positive rental reversions.
MobileOne: Dividends cannot compensate for weak business model
Hold S$1.92
Price Target : S$ 2.20 (Previous S$2.30)
Net profit of S$37.9m was down 5% y-o-y and 6% below consensus and our expectations. The company announced final dividend of 8.3 cents per share, which is slightly below our expectations of 10 cents per share.
EBITDA margin down at 36.9% from 40.9% year earlier. Despite lower handset sales, margins were lower than our expectations due to
(1) higher traffic expenses from IDD promotions and
(2) higher leased circuit costs due to more data usage from 3.5G wireless broadband.
Market share loss. Quite noticeable was market share loss in prepaid mobile to 26.1% from 27.5% in 3Q07 and in post-paid mobile to 28.5% from 28.9% in 3Q07.
Resorts World at Sentosa builds S$80m bridge to ease visitor traffic
SINGAPORE: Resorts World at Sentosa has started work on a new vehicular bridge which costs S$80 million.
The new bridge is aimed at easing visitor traffic as over 15 million of them are expected to visit the Resort when it opens in early 2010.
The 710-metre, 3-lane bridge will run parallel to the existing causeway which connects Sentosa to the mainland.
And when completed in September 2009, both will be merged. To help alleviate congestion near the Telok Blangah junction, existing admission booths will be relocated by Sentosa Leisure Group within the island, along Gateway Avenue.
By April, Gateway Avenue will be diverted to make way for the development of RWS.
From the vehicular bridge, drivers will then coast along Gateway Avenue, before the road fans out into seven lanes. Lanes and traffic directions are still being finalised.
The winning bid went to McConnell Dowell, an Australian-based engineering and construction company.
Resorts World at Sentosa said this is the first vehicular bridge of this scale to built by a private developer in Singapore. -CNA/vm
Source
The new bridge is aimed at easing visitor traffic as over 15 million of them are expected to visit the Resort when it opens in early 2010.
The 710-metre, 3-lane bridge will run parallel to the existing causeway which connects Sentosa to the mainland.
And when completed in September 2009, both will be merged. To help alleviate congestion near the Telok Blangah junction, existing admission booths will be relocated by Sentosa Leisure Group within the island, along Gateway Avenue.
By April, Gateway Avenue will be diverted to make way for the development of RWS.
From the vehicular bridge, drivers will then coast along Gateway Avenue, before the road fans out into seven lanes. Lanes and traffic directions are still being finalised.
The winning bid went to McConnell Dowell, an Australian-based engineering and construction company.
Resorts World at Sentosa said this is the first vehicular bridge of this scale to built by a private developer in Singapore. -CNA/vm
Source
新加坡股市收高，受美国股市反弹及总理李显龙的经济言论提振
新加坡股市周四收盘强劲上扬；在美国联邦储备委员会(Federal Reserve, 简称Fed)紧急减息之后，美国股市前夜大幅走高，进而带动新加坡股市上涨。
海峡时报指数上涨66.47点，至3050.09点，涨幅2.2%。
30只成份股中有20只上涨。
市场成交量持平于24亿股；大盘有594只股票上涨，288只股票下跌。
交易员称，新加坡总理李显龙此前的讲话也对市场人气起到提振作用。
李显龙周三对法国商界领导人表示，尽管市场对美国经济可能陷入衰退心存担忧，但新加坡政府不会调整2008年4.5%-6.5%的经济增长预期。
海峡时报指数上涨66.47点，至3050.09点，涨幅2.2%。
30只成份股中有20只上涨。
市场成交量持平于24亿股；大盘有594只股票上涨，288只股票下跌。
交易员称，新加坡总理李显龙此前的讲话也对市场人气起到提振作用。
李显龙周三对法国商界领导人表示，尽管市场对美国经济可能陷入衰退心存担忧，但新加坡政府不会调整2008年4.5%-6.5%的经济增长预期。
Guoco raises stake in UK gambling firm Rank
LONDON, Jan 24 (Reuters) - Asia-based Guoco upped its stake in British casino, bingo and online betting company Rank Group Plc on Thursday to 4.09 percent.
Guoco, run by Quek Leng Chan, raised its holding from 3.17 percent, a move likely to fuel speculation that it is eyeing up a bid for the UK group.
Rank, hit hard by the smoking ban and the loss of lucrative gaming machines, has been the subject of takeover rumours since a profit warning in the autumn led to a collapse in its share price.
Malaysia-based gaming group Genting has also built a 10 percent stake in Rank and the Richardson property and haulage family is also said by analysts to have built up a 9 percent holding. (Reporting by Marc Jones; Editing by David Holmes)
Source
Guoco, run by Quek Leng Chan, raised its holding from 3.17 percent, a move likely to fuel speculation that it is eyeing up a bid for the UK group.
Rank, hit hard by the smoking ban and the loss of lucrative gaming machines, has been the subject of takeover rumours since a profit warning in the autumn led to a collapse in its share price.
Malaysia-based gaming group Genting has also built a 10 percent stake in Rank and the Richardson property and haulage family is also said by analysts to have built up a 9 percent holding. (Reporting by Marc Jones; Editing by David Holmes)
Source
Thursday, January 24, 2008
雲頂傳進軍韓博彩業受看好
（吉隆坡訊）雲頂（GENTING,3182）傳出可能進軍韓國博彩業，聯昌銀行看好新投資的潛能，惟目前仍屬初期階段，在無法估算效應下維持財測與評級在“跑贏大市”。
根據《The Edge週刊》報導指出，雲頂管理層近期到訪韓國，探討投資韓國酒店與賭場可能性，並專注在慶尚南道的河東郡。
據消息來源指出，雲頂對該區非常感興趣，因為河東郡政府也計劃打造該地成一個休閒城市。
分析員欣喜雲頂在澳門以外地區的新投資動向，並認為以雲頂的投資經驗，加上河東郡擁有可觀的遊客與地理優勢（該區目前仍沒有賭場），料可順利取得當地賭場執照。
同時，雖然目前投資額不詳，不過在韓國法律下，外資（非韓國公民）欲投資超過5億美元的賭場是可行的。而料雲頂會透過旗下名勝世界（RESORTS,4715）進行拓展。
Source
根據《The Edge週刊》報導指出，雲頂管理層近期到訪韓國，探討投資韓國酒店與賭場可能性，並專注在慶尚南道的河東郡。
據消息來源指出，雲頂對該區非常感興趣，因為河東郡政府也計劃打造該地成一個休閒城市。
分析員欣喜雲頂在澳門以外地區的新投資動向，並認為以雲頂的投資經驗，加上河東郡擁有可觀的遊客與地理優勢（該區目前仍沒有賭場），料可順利取得當地賭場執照。
同時，雖然目前投資額不詳，不過在韓國法律下，外資（非韓國公民）欲投資超過5億美元的賭場是可行的。而料雲頂會透過旗下名勝世界（RESORTS,4715）進行拓展。
Source
Wednesday, January 23, 2008
Genting International to build hotel at new S'pore Sports Hub
SINGAPORE: A new hotel will be built at the new National Stadium and Sports Hub in Kallang.
The four-star hotel will have about 500 rooms and will occupy 30,000 square metres.
Dragages Singapore, which is the construction firm for the winning consortium -the Singapore Sports Hub, said that at least three groups expressed interest in building the new hotel, which will cost S$200 million to develop.
Even before last Saturday's announcement that the consortium had won the bid to build the new sports hub, Dragages had already been in talks with Genting International for the past few months.
Genting will build and run the new hotel for 25 years.
Ludwig Reichhold, Managing Director of Dragages Singapore, said: "The hotel was an option in our bid, which I think was to bring more life to the project which SSC liked very much. So it would be included in the construction, but it is only one component of the project."
However, details still need to be sorted out. These include finalising the financing with banks and negotiations with the Singapore Land Authority and Urban Redevelopment Authority over issues like development charges and the right to use the land.
The details have to be finalised before the paperwork can be signed in one or two months. The head of the consortium said the hotel's construction will begin in the middle of 2008.
The hotel's plot is near the two multi-purpose halls, the future MRT station and the main entrance road. As for the sports hub, the consortium wants to call it 'Premier Park' but authorities have yet to confirm what it will be called.
The new hub is expected to generate at least S$10 million a year in commercial revenue, as a start.
Up to 75 per cent of the money will be used to fund activities and facilities at the hub.
Reichhold said: "The revenue is also linked to the expenditure. If the market is good, we will invest more money into the project to have more events and more facilities, to have more return."
The consortium plans to open the hotel at the same time as the new Sports Hub, which is in three years. - CNA/vm
Source
The four-star hotel will have about 500 rooms and will occupy 30,000 square metres.
Dragages Singapore, which is the construction firm for the winning consortium -the Singapore Sports Hub, said that at least three groups expressed interest in building the new hotel, which will cost S$200 million to develop.
Even before last Saturday's announcement that the consortium had won the bid to build the new sports hub, Dragages had already been in talks with Genting International for the past few months.
Genting will build and run the new hotel for 25 years.
Ludwig Reichhold, Managing Director of Dragages Singapore, said: "The hotel was an option in our bid, which I think was to bring more life to the project which SSC liked very much. So it would be included in the construction, but it is only one component of the project."
However, details still need to be sorted out. These include finalising the financing with banks and negotiations with the Singapore Land Authority and Urban Redevelopment Authority over issues like development charges and the right to use the land.
The details have to be finalised before the paperwork can be signed in one or two months. The head of the consortium said the hotel's construction will begin in the middle of 2008.
The hotel's plot is near the two multi-purpose halls, the future MRT station and the main entrance road. As for the sports hub, the consortium wants to call it 'Premier Park' but authorities have yet to confirm what it will be called.
The new hub is expected to generate at least S$10 million a year in commercial revenue, as a start.
Up to 75 per cent of the money will be used to fund activities and facilities at the hub.
Reichhold said: "The revenue is also linked to the expenditure. If the market is good, we will invest more money into the project to have more events and more facilities, to have more return."
The consortium plans to open the hotel at the same time as the new Sports Hub, which is in three years. - CNA/vm
Source
22-01-2008: GIPLC in talks with Sports Hub to build hotel
SINGAPORE: Genting International PLC (GIPLC) is in preliminary talks with the Singapore Sports Hub Consortium to build a hotel in the proposed Sports Hub in Kallang.
The consortium, beating two other bids, has been picked by the Singapore government as the preferred bidder for the Sports Hub.
“Various details are being worked out between the company and the consortium,” GIPLC said in a statement yesterday in confirming a news report that the parties were in preliminary talks to build the hotel.
GIPLC said preliminary planning suggested the proposed hotel could have over 500 rooms which would significantly add to the managed room stock of the company’s integrated resort on Sentosa.
The new sports hub will be completed by end 2011 and will cost some S$1.2 billion (RM2.7 billion). The winning consortium will design, bulld, operate and finance the project.
It has been reported that the proposed integrated sports hub includes a 55,000-seat stadium with a retractable roof, an aquatic centre, multi-purpose arena and retail space.
Source
The consortium, beating two other bids, has been picked by the Singapore government as the preferred bidder for the Sports Hub.
“Various details are being worked out between the company and the consortium,” GIPLC said in a statement yesterday in confirming a news report that the parties were in preliminary talks to build the hotel.
GIPLC said preliminary planning suggested the proposed hotel could have over 500 rooms which would significantly add to the managed room stock of the company’s integrated resort on Sentosa.
The new sports hub will be completed by end 2011 and will cost some S$1.2 billion (RM2.7 billion). The winning consortium will design, bulld, operate and finance the project.
It has been reported that the proposed integrated sports hub includes a 55,000-seat stadium with a retractable roof, an aquatic centre, multi-purpose arena and retail space.
Source
Monday, January 21, 2008
Ladbrokes folds on UK casino plans
LONDON, Jan 21 (Reuters) - British bookmaker Ladbrokes (LAD.L: Quote, Profile, Research) said on Monday it will not bid to run 16 new large UK casinos expected to be given the go ahead by the government in the next few weeks.
"We have conducted a review of our casino strategy and have decided we won't bid for licences," a Ladbrokes spokesman said, adding that the firm had been put off by the amount of money it would have had to lay out.
Having had plans for a giant Las Vegas-style supercasino scuppered last year, the government is expected to push ahead with proposals for 16 new large casinos across Britain in the next few weeks.
Potential bidders for the licences include U.S. operators Las Vegas Sands (LVS.N: Quote, Profile, Research) and Harrah's (HET.N: Quote, Profile, Research), Singapore-listed Genting International (GNTG.SI: Quote, Profile, Research) and UK-based GalaCoral and Rank (RNK.L: Quote, Profile, Research).
(Reporting by Marc Jones; Editing by Quentin Bryar)
Source
"We have conducted a review of our casino strategy and have decided we won't bid for licences," a Ladbrokes spokesman said, adding that the firm had been put off by the amount of money it would have had to lay out.
Having had plans for a giant Las Vegas-style supercasino scuppered last year, the government is expected to push ahead with proposals for 16 new large casinos across Britain in the next few weeks.
Potential bidders for the licences include U.S. operators Las Vegas Sands (LVS.N: Quote, Profile, Research) and Harrah's (HET.N: Quote, Profile, Research), Singapore-listed Genting International (GNTG.SI: Quote, Profile, Research) and UK-based GalaCoral and Rank (RNK.L: Quote, Profile, Research).
(Reporting by Marc Jones; Editing by Quentin Bryar)
Source
DBSVickers Report - 21 Jan 2008
Yanlord Land Group Demand for high-end residences remains strong
Story: We hosted Yanlord at our recent Pulse of Asia Conference. The management remains confident of the outlook for high-end residences in China, with their most recent launch of another batch of apartments in Yanlord Riverside City (Phase 2) over the first two weekends of January experiencing high take-up rates and healthy ASP growth.
Point: This came on the back of some concern about a perceived softening of the PRC real estate market. The media had reported lower property transaction volumes and declining prices for developments towards the end of 2007, as the mortgage policy on second homes tightens.
Relevance: While we have incorporated the development surplus on their most recent site acquisitions, our target price has been revised downwards slightly to S$4.21 (at par to RNAV) as we factor in higher Land Appreciate Tax (LAT) charges. With an upside of 52% on this stock at current price levels, we see value emerging. This also translates into PE of around 14x and 11x on FY08F and FY09F EPS respectively. Maintain BUY.
Ascendas REIT (AREIT SP)
Slowly and steadily
A-REIT reported 15% higher net income available for distribution yoy at S$47.2, on the back of 13% increase in gross revenues to S$80.2m. This was mainly due to additional rental income from completed acquisitions and positive rental reversions from its high-tech industrials and business as well as science parks. Average occupancy levels rose to 98.7% as at 31 Dec 07 compared to 96.1% a year ago. Leverage at 38.6%. As at end Dec 07, AREIT had an aggregate gearing of 38.6%, which was 88% fixed at 3.39% and an average weighted term of 3.92 years. Interest cover ratio was 5.32x.
Story: We hosted Yanlord at our recent Pulse of Asia Conference. The management remains confident of the outlook for high-end residences in China, with their most recent launch of another batch of apartments in Yanlord Riverside City (Phase 2) over the first two weekends of January experiencing high take-up rates and healthy ASP growth.
Point: This came on the back of some concern about a perceived softening of the PRC real estate market. The media had reported lower property transaction volumes and declining prices for developments towards the end of 2007, as the mortgage policy on second homes tightens.
Relevance: While we have incorporated the development surplus on their most recent site acquisitions, our target price has been revised downwards slightly to S$4.21 (at par to RNAV) as we factor in higher Land Appreciate Tax (LAT) charges. With an upside of 52% on this stock at current price levels, we see value emerging. This also translates into PE of around 14x and 11x on FY08F and FY09F EPS respectively. Maintain BUY.
Ascendas REIT (AREIT SP)
Slowly and steadily
A-REIT reported 15% higher net income available for distribution yoy at S$47.2, on the back of 13% increase in gross revenues to S$80.2m. This was mainly due to additional rental income from completed acquisitions and positive rental reversions from its high-tech industrials and business as well as science parks. Average occupancy levels rose to 98.7% as at 31 Dec 07 compared to 96.1% a year ago. Leverage at 38.6%. As at end Dec 07, AREIT had an aggregate gearing of 38.6%, which was 88% fixed at 3.39% and an average weighted term of 3.92 years. Interest cover ratio was 5.32x.
CIMB Report - 21 Jan 2008
What’s on the table
Singapore Strategy - Feedback from Europe marketing We completed our Singapore Navigator marketing in five cities in Europe. Clients generally agreed with our cautious views on Singapore.
Most agreed with our Overweight stance in Transport & Telcos and our Underweight stance in Manfacturing and Property, though significant falls in property stocks triggered queries on entry levels for selected property stocks.
Reception to our bullishness on Multi-Industry was mixed, clients generally agreed that the fundamentals of the sector remained bright though concern stemmed from the relative large ownership levels in this sector. Clients also agreed on our views on Financials - that it was cheap but not time yet. With STI having fallen 14% ytd, valuations are starting to look interesting and we suggest that investors should look for entry levels now rather than continue to pile into defensives.
Quick Takes
Singapore Strategy - Feedback from Europe marketing We completed our Singapore Navigator marketing in five cities in Europe. Clients generally agreed with our cautious views on Singapore.
Most agreed with our Overweight stance in Transport & Telcos and our Underweight stance in Manfacturing and Property, though significant falls in property stocks triggered queries on entry levels for selected property stocks.
Reception to our bullishness on Multi-Industry was mixed, clients generally agreed that the fundamentals of the sector remained bright though concern stemmed from the relative large ownership levels in this sector. Clients also agreed on our views on Financials - that it was cheap but not time yet. With STI having fallen 14% ytd, valuations are starting to look interesting and we suggest that investors should look for entry levels now rather than continue to pile into defensives.
Quick Takes
- Ascendas REIT (S$2.19) - 3QFY08 results - Record occupancy lifts DPU
- Land Transport Sector - Part 1 of 3: Changes to the bus system
- Global Equity Technicals - The party’s over?
News of the Day
- Genting International in talks to build a hotel in the Sports Hub
- Pacific Healthcare opens fourth integrated specialist centre
- Avery invests $100m in 'upmarket' dorm
- Al-Futtaim makes cash offer for Robinson and Co
- E3, Jade buy 49% of Jilin refinery for 241m yuan
S'pore-listed Genting in talks to build hotel-paper
SINGAPORE, Jan 21 (Reuters) - Singapore-listed Genting International
The hotel will be located within an upcoming sports complex, which will be built by a consortium led by a unit of France's Bouygues Construction
"We are in discussion with Genting International to invest in a hotel in the Sports Hub," Dragages managing director Ludwig Reichhold was quoted as saying in the paper.
Genting International is also building a casino on Singapore's resort island of Sentosa for nearly S$6 billion, about S$800 million above its inital budget, due mainly to higher construction expenses.
Singapore's construction sector is enjoying an upswing amid a spate of huge building projects including a new financial centre, two casino resorts, and a subway line. Many apartments on the island are also being torn down to make way for taller and more densely built developments.
The hotel will be located within an upcoming sports complex, which will be built by a consortium led by a unit of France's Bouygues Construction
"We are in discussion with Genting International to invest in a hotel in the Sports Hub," Dragages managing director Ludwig Reichhold was quoted as saying in the paper.
Genting International is also building a casino on Singapore's resort island of Sentosa for nearly S$6 billion, about S$800 million above its inital budget, due mainly to higher construction expenses.
Singapore's construction sector is enjoying an upswing amid a spate of huge building projects including a new financial centre, two casino resorts, and a subway line. Many apartments on the island are also being torn down to make way for taller and more densely built developments.
Friday, January 18, 2008
广西科技周柳州签约13410万元 签约项目14个
2008年广西科技活动周进入签约阶段。柳州签约项目14个，其中合同7个，协议7个，总金额为13410万元。与历届相比，本次柳州签约项目特点明显——与高校、科研院所的合作比率显著提升，且合作领域跨度颇大。
据柳州日报报道，14个签约项目中，与高校、科研院所进行合作的项目达10个。既有市政府与桂林电子科技大学的市校合作，又有柳州汽车、电控、太阳能等行业的企业与本土高校广西工学院，知名学府清华大学、南京工业大学化工学院集合物工程研究所、哈尔滨工业大学等的合作。在合作领域方面，既有涉及农业深加工的“维生素E油茶籽油脂肪酸醋”、节能环保的“缫丝生产污水深度处理循环再利用系统”，又有方便工业、农业生产的“AgSnO2（2在O的右下角）电触头和电触片生产新工艺”“掺铝氧化锌薄膜开发及产业化”。
副市长徐锋出席签约仪式，并亲自与桂林电子科技大学签订科技合作协议。
本着“优势互补、互惠互利、共同发展”的原则，柳州将以桂林电子科技大学为技术依托单位，在技术开发、产品研制、市场开拓及人才培养等方面建立长期合作关系。通过积极鼓励、支持柳州企事业单位与桂林电子科技大学开展多种形式的合作。推进柳州相关产业特别是汽车及相关零部件制造、有色金属、钢铁等产业快速发展，促进学校和区域经济的发展。
柳州还与桂林电子科技大学具体规定了汽车电子、制造业信息化、铟和锌优势金属锌材料等重大、关键技术和新产品的研究开发方面应有实质性效果，每年合作项目要达到10个以上。桂林电子科技大学还将为柳州培训所需要的各种人才。
按照计划，到2010年，以铟为主的有色金属产业将成为柳州继汽车、冶金、机械三大支柱产业之后的又一个新的支柱产业。作为实质性举措之一，此次柳州的签约项目中，就有“共建有色金属新材料工程中心”项目，签约额300万元，项目合作双方是柳州高新区和四川大学。（万竹子）
Source
据柳州日报报道，14个签约项目中，与高校、科研院所进行合作的项目达10个。既有市政府与桂林电子科技大学的市校合作，又有柳州汽车、电控、太阳能等行业的企业与本土高校广西工学院，知名学府清华大学、南京工业大学化工学院集合物工程研究所、哈尔滨工业大学等的合作。在合作领域方面，既有涉及农业深加工的“维生素E油茶籽油脂肪酸醋”、节能环保的“缫丝生产污水深度处理循环再利用系统”，又有方便工业、农业生产的“AgSnO2（2在O的右下角）电触头和电触片生产新工艺”“掺铝氧化锌薄膜开发及产业化”。
副市长徐锋出席签约仪式，并亲自与桂林电子科技大学签订科技合作协议。
本着“优势互补、互惠互利、共同发展”的原则，柳州将以桂林电子科技大学为技术依托单位，在技术开发、产品研制、市场开拓及人才培养等方面建立长期合作关系。通过积极鼓励、支持柳州企事业单位与桂林电子科技大学开展多种形式的合作。推进柳州相关产业特别是汽车及相关零部件制造、有色金属、钢铁等产业快速发展，促进学校和区域经济的发展。
柳州还与桂林电子科技大学具体规定了汽车电子、制造业信息化、铟和锌优势金属锌材料等重大、关键技术和新产品的研究开发方面应有实质性效果，每年合作项目要达到10个以上。桂林电子科技大学还将为柳州培训所需要的各种人才。
按照计划，到2010年，以铟为主的有色金属产业将成为柳州继汽车、冶金、机械三大支柱产业之后的又一个新的支柱产业。作为实质性举措之一，此次柳州的签约项目中，就有“共建有色金属新材料工程中心”项目，签约额300万元，项目合作双方是柳州高新区和四川大学。（万竹子）
Source
中国铟谋求国际话语权 商务部力导配额出口
近日，商务部下达了今年第一批铟及铟制品出口配额的通知，全国共20家铟制品生产企业获得了出口资质。记者发现，其中获得配额数量最大的湖南株冶火炬金属进出口有限公司出口量才29吨，最少的温州冶炼总厂和锡矿山闪星锑业进出口有限公司出口量控制在1吨。
限制出口政策只是我国对铟实行“保护源头”资源战略的第一步。去年底，中国有色金属工业协会秘书长曹宝奎在有关会议上说，协会已向有关部门建议，将铟这种稀缺珍贵的“宝贝”，列为国家一级战略资源储备范围，并进一步提高铟产业的研发技术，最终谋求中国铟在国际市场上的话语权。
定价权之困 亚洲金属网显示，去年全年到今年初，国际铟市场持续低迷，铟价从近5000元人民币/公斤一直跌至3000元/公斤。这样的价格走势，对产铟大国中国来说，极不相称，中国并没有掌握到铟的国际定价权。
铟，被称为小金属中的“贵族”。因为它没有独立成矿，常伴生在铅、锌、锡等矿中。上世纪90年代的数据显示，全球铟的资源量约为1.6万吨，仅为黄金储量的1/6。铟主要用于液晶显示屏中，也是制造新一代铜铟硒高效太阳能电池的核心材料和制造下一代电脑芯片的关键材料。
中国的铟储量世界第一，其中广西的铟储量近5000吨，居全国第一，云南铟储量约4400吨。自2001年广西南丹大厂铟储量巨大的100#矿体遭破坏以后，云南变为全国储量最大的省，同时也是全球储量最多的地区。
由于储备丰富，中国也成了世界最大的产铟国和最大的出口国，原生铟产量占全球原生铟总量的60%以上。早在1990年代初，铟在液晶显示器上广泛应用，铟价在国际市场上一度超过500美元/公斤。
然而，由此带来炼铟产业无序发展，很快就把价格打压下来。1月15日，华锡集团《今日华锡》内部刊物新闻部主任尧道忠在记者电话采访时说：“10多年来，像大厂矿区就有相当多的民企利用尾矿来炼铟，每家的产量至少比华锡集团高一倍，价格能不走低吗？”
“由于铟提取基本没有进入行业的门槛，生产集中度低，加之国内企业没有掌握铟深加工的核心技术，进一步导致了定价权的丧失。”云南省经委重工业处副处长黄育新说。
由于日本、韩国是LCD的生产大国，两国分别是世界第一和第二大精铟进口国，其中日本70%以上的进口量来自中国。黄育新说：“由于核心技术受制于人，我国精铟的下游产品铟靶材(ITO粉)产业化进程非常缓慢，不少小企业为了蝇头小利竞相压价，市场形成无序竞争。”
因此，从2006年以来，国际铟价持续下跌。
控制源头
针对一些企业拟外购资源，继续扩大铟产能的做法，黄育新非常不赞同。黄育新说。他说，部分企业做大做强的想法无可厚非，但包括标准铟在内的铟初级产品的无序扩能，只会导致铟价持续低迷，失利的是国家，得利的是外国公司，出路只能是提高集中度，延长产业链。去年初，云南省经委编制了《云南省硅、锗、铟电子信息材料产业发展规划》，其核心就是要“控制源头，发展下游”。
铟资源不可再生，资源总量非常有限。中国曾因暴露铟产量的具体数字，出现过铟价大跌的教训。
因此，近年来，国家有关部门和企业、组织也采取了一系列“控制源头”的做法。
去年6月18日起，商务部和海关总署首次对铟、钼实行出口配额许可证管理，以保护这些战略性资源不被过度消耗。记者采访获知，作为铟储量全国最大的省，云南仅有云南乘风有色金属股份有限公司一家企业有铟出口资格。据该企业销售部有关人士称，去年的出口配额和今年一样是2吨，主要使用地日本。
国家收储是应对国际市场短缺和防止走私的重要手段，日本和韩国去年已启动了对一些有色金属的战略储备计划。去年底，曹宝奎在有关会议上曾透露，协会已向有关部门建议，将铟列为国家一级战略资源储备范围。
在控制源头方面，湖南有色的做法很有代表性。去年，湖南有色董事长何仁春曾透露，企业的铟曾压库3个月，铟价从每吨50美元涨到过100美元，结果大赚几十亿元人民币。尧道忠说，尽管华锡集团储量有好几千吨，但现在就保持每年几十吨的产量。
除了原生铟，还可有效利用再生铟。1月15日，南京锗厂有限责任公司董事长赵立奎在电话里告诉记者，该公司一直从国外进料加工，回收旧手机、旧的液晶显示屏等，生产再生铟后再供应到日韩等国，年产量150~180吨。不过，由于国内环保要求提高，加之受原生铟的价格低迷影响，下一步他计划将加工地转移到老挝、越南等东南亚国家，以更好的降低成本。
发展下游
然而，提升铟产业，当务之急还是在关键技术上要寻求突破。
黄育新说：“目前，铟高科技产品的技术大部分在国外。在国内，从事铟产业技术开发的有中南大学、长沙矿业研究院和华锡集团。但技术层面，铟的综合回收率如何，含铟废物如何储存等都亟待解决。”
广西铟协会会长姚文治说，要建立中国铟专业检测机构，完善中国铟检测标准。目前国内还没有专门的铟质量检测机构，可以将广西的铟质量检测中心，打造成国内第一家专业铟检测机构，希望得到国家有关部门的资质认可。
记者采访得知，早在去年5月，中国首家铟谷交易中心落户柳州高新区。该高新区随之实施“国家柳州新材料产业园”、“广西铟金属电子交易平台”和“铟锑锡锌专业孵化器和国家铟质量检测中心”，力争把柳州打造成为“铟谷”。
姚文治说：“从2000年开始，随着铟提炼技术的突破，柳州市已成为世界主要的铟生产基地之一，全国具备铟出口资质的企业有近三分之一集中在柳州，广西铟谷有色金属交易中心就是要缔造一个'铟业欧佩克'，形成国际铟交易集散地和价格形成中心，在源头上实现对世界铟市场的影响。”
Source
限制出口政策只是我国对铟实行“保护源头”资源战略的第一步。去年底，中国有色金属工业协会秘书长曹宝奎在有关会议上说，协会已向有关部门建议，将铟这种稀缺珍贵的“宝贝”，列为国家一级战略资源储备范围，并进一步提高铟产业的研发技术，最终谋求中国铟在国际市场上的话语权。
定价权之困 亚洲金属网显示，去年全年到今年初，国际铟市场持续低迷，铟价从近5000元人民币/公斤一直跌至3000元/公斤。这样的价格走势，对产铟大国中国来说，极不相称，中国并没有掌握到铟的国际定价权。
铟，被称为小金属中的“贵族”。因为它没有独立成矿，常伴生在铅、锌、锡等矿中。上世纪90年代的数据显示，全球铟的资源量约为1.6万吨，仅为黄金储量的1/6。铟主要用于液晶显示屏中，也是制造新一代铜铟硒高效太阳能电池的核心材料和制造下一代电脑芯片的关键材料。
中国的铟储量世界第一，其中广西的铟储量近5000吨，居全国第一，云南铟储量约4400吨。自2001年广西南丹大厂铟储量巨大的100#矿体遭破坏以后，云南变为全国储量最大的省，同时也是全球储量最多的地区。
由于储备丰富，中国也成了世界最大的产铟国和最大的出口国，原生铟产量占全球原生铟总量的60%以上。早在1990年代初，铟在液晶显示器上广泛应用，铟价在国际市场上一度超过500美元/公斤。
然而，由此带来炼铟产业无序发展，很快就把价格打压下来。1月15日，华锡集团《今日华锡》内部刊物新闻部主任尧道忠在记者电话采访时说：“10多年来，像大厂矿区就有相当多的民企利用尾矿来炼铟，每家的产量至少比华锡集团高一倍，价格能不走低吗？”
“由于铟提取基本没有进入行业的门槛，生产集中度低，加之国内企业没有掌握铟深加工的核心技术，进一步导致了定价权的丧失。”云南省经委重工业处副处长黄育新说。
由于日本、韩国是LCD的生产大国，两国分别是世界第一和第二大精铟进口国，其中日本70%以上的进口量来自中国。黄育新说：“由于核心技术受制于人，我国精铟的下游产品铟靶材(ITO粉)产业化进程非常缓慢，不少小企业为了蝇头小利竞相压价，市场形成无序竞争。”
因此，从2006年以来，国际铟价持续下跌。
控制源头
针对一些企业拟外购资源，继续扩大铟产能的做法，黄育新非常不赞同。黄育新说。他说，部分企业做大做强的想法无可厚非，但包括标准铟在内的铟初级产品的无序扩能，只会导致铟价持续低迷，失利的是国家，得利的是外国公司，出路只能是提高集中度，延长产业链。去年初，云南省经委编制了《云南省硅、锗、铟电子信息材料产业发展规划》，其核心就是要“控制源头，发展下游”。
铟资源不可再生，资源总量非常有限。中国曾因暴露铟产量的具体数字，出现过铟价大跌的教训。
因此，近年来，国家有关部门和企业、组织也采取了一系列“控制源头”的做法。
去年6月18日起，商务部和海关总署首次对铟、钼实行出口配额许可证管理，以保护这些战略性资源不被过度消耗。记者采访获知，作为铟储量全国最大的省，云南仅有云南乘风有色金属股份有限公司一家企业有铟出口资格。据该企业销售部有关人士称，去年的出口配额和今年一样是2吨，主要使用地日本。
国家收储是应对国际市场短缺和防止走私的重要手段，日本和韩国去年已启动了对一些有色金属的战略储备计划。去年底，曹宝奎在有关会议上曾透露，协会已向有关部门建议，将铟列为国家一级战略资源储备范围。
在控制源头方面，湖南有色的做法很有代表性。去年，湖南有色董事长何仁春曾透露，企业的铟曾压库3个月，铟价从每吨50美元涨到过100美元，结果大赚几十亿元人民币。尧道忠说，尽管华锡集团储量有好几千吨，但现在就保持每年几十吨的产量。
除了原生铟，还可有效利用再生铟。1月15日，南京锗厂有限责任公司董事长赵立奎在电话里告诉记者，该公司一直从国外进料加工，回收旧手机、旧的液晶显示屏等，生产再生铟后再供应到日韩等国，年产量150~180吨。不过，由于国内环保要求提高，加之受原生铟的价格低迷影响，下一步他计划将加工地转移到老挝、越南等东南亚国家，以更好的降低成本。
发展下游
然而，提升铟产业，当务之急还是在关键技术上要寻求突破。
黄育新说：“目前，铟高科技产品的技术大部分在国外。在国内，从事铟产业技术开发的有中南大学、长沙矿业研究院和华锡集团。但技术层面，铟的综合回收率如何，含铟废物如何储存等都亟待解决。”
广西铟协会会长姚文治说，要建立中国铟专业检测机构，完善中国铟检测标准。目前国内还没有专门的铟质量检测机构，可以将广西的铟质量检测中心，打造成国内第一家专业铟检测机构，希望得到国家有关部门的资质认可。
记者采访得知，早在去年5月，中国首家铟谷交易中心落户柳州高新区。该高新区随之实施“国家柳州新材料产业园”、“广西铟金属电子交易平台”和“铟锑锡锌专业孵化器和国家铟质量检测中心”，力争把柳州打造成为“铟谷”。
姚文治说：“从2000年开始，随着铟提炼技术的突破，柳州市已成为世界主要的铟生产基地之一，全国具备铟出口资质的企业有近三分之一集中在柳州，广西铟谷有色金属交易中心就是要缔造一个'铟业欧佩克'，形成国际铟交易集散地和价格形成中心，在源头上实现对世界铟市场的影响。”
Source
Biosensors Receives CE Mark Approval for Its BioMatrix(R) Drug-Eluting
SINGAPORE, Jan. 18 /PRNewswire/ -- International Group, Ltd.(Bloomberg: BIG SP, Company or Biosensors), today announced that the Companyhas received Conformite Europeenne (CE) Mark approval for its BioMatrix(R)drug-eluting stent system, enabling commercialization of this product in theEuropean Union and the countries in Asia and Latin America that recognize theCE Mark.
The BioMatrix drug-eluting stent system, developed internally by theCompany, consists of a unique drug-eluting stent that incorporates abiodegradable polymer and the Company's proprietary drug, Biolimus A9(R),which inhibits restenosis, or re-narrowing of the arteries, following stentimplantation.
Terumo Corporation (Terumo), a licensee of Biosensors' BioMatrixtechnology, also announced CE Mark approval for its NOBORI(TM) drug-elutingstent system. In October 2003, Biosensors and Terumo entered into a licensingagreement that granted Terumo the rights to sell the NOBORI drug-eluting stentsystem exclusively in Japan and non-exclusively in countries outside Japanexcluding the United States.
Under this agreement, Terumo will share aportion of the revenues from the sales of NOBORI with Biosensors. In May2007, Terumo commenced the clinical trial of the NOBORI drug-eluting stentsystem required for Japanese regulatory approvals.
"We are very pleased to have received CE Mark approval for our BioMatrixstent and will immediately implement our strategy to make this productavailable in the approved markets. Our growth potential in these markets isvery strong, as BioMatrix and NOBORI will be the only drug-eluting stentscurrently available which incorporate a biodegradable polymer coating togetherwith an immunosuppressive drug. Positive clinical data position the BioMatrixstent system to be a potential break-through product for patients andphysicians," stated Mr. Yoh-Chie Lu, Chairman and Chief Executive Officer.
Professor Eberhard Grube, Chief of Angiology and Cardiology at SiegburgHeart Center in Germany and a principal investigator for the BioMatrixclinical trial program commented, "BioMatrix will provide a valuablealternative to the drug-eluting stents currently available to interventionalcardiologists. The results from the BioMatrix clinical trials have beenconsistently very positive and promising. The three-year follow-up datareleased at the Transcatheter Cardiovascular Therapeutics Conference last yearcontinued to demonstrate BioMatrix's superior results in terms of safety andclinical effectiveness. The BioMatrix drug-eluting stent has shown excellentprocedural performance and outcome characteristics."
Mr. Lu added: "We are also pleased with the timing of this approval, asthe increasing complexity of worldwide regulatory requirements will make iteven more difficult to introduce new technologies into the marketplace. Weplan to commence a staged launch of BioMatrix commencing 1 April 2008. Theinitial stage will be to introduce BioMatrix through our existing distributionchannels. We will expand these channels to increase geographical coverageduring the first half of our fiscal year beginning in April 2008 and plan asignificant ramp up in sales over the second half of our fiscal year."
Many years of effort devoted to developing the BioMatrix drug-elutingstent system have been validated by this approval. We would like to take thisopportunity to recognize the contributions of our people and the collaborativeefforts of our licensees, especially Terumo Corporation, in achieving thismilestone. This is truly an historic day for Biosensors," concluded Mr. Lu.
About BioMatrix
BioMatrix offers the unique combination of an innovative anti-restenosicdrug, Biolimus A9(R), a biodegradable polymer, and advanced stent design.
Biolimus A9 was designed specifically to maximize stent efficacy.
Inaddition to effective immunosuppressive and anti-inflammatory properties, thedrug has a higher lipophilic and hydrophobic profile than other drugs in itsclass, enabling the drug to be rapidly absorbed into tissue, with reducedsystemic exposure.
The PLA polymer fully degrades into water and carbon dioxide as the drugis released, ultimately leaving in place a biocompatible stent surface.
Thepolymer is coated onto the outer (abluminal) side of the stent only, enablingthe drug to be released to targeted tissue. The internally-developed stentused in the BioMatrix system is designed for increased flexibility indelivery.
About Biosensors International Group, Ltd
Biosensors develops, manufactures and markets innovative medical devicesused in interventional cardiology and critical care procedures. Biosensors iswell-positioned to emerge as a leader in drug-eluting stents, an evolvingtherapy that is rapidly gaining market share from traditional therapies suchas bare-metal stenting and open-heart surgery.
Biosensors has internallydeveloped technology to address each component of a drug-eluting stent system,including a stent, a stent delivery catheter, a biodegradable polymer and aproprietary anti-restenosis drug. It is pursuing three separate drug-elutingstent programs, BioMatrix(R), Axxion(TM), and BioMatrix(R) Freedom(TM), apolymer-free drug-eluting stent, and has licensed aspects of its drug-elutingstent technology to four companies.
Forward Looking Statements
Certain statements herein include forward-looking statements within themeaning of the U.S. Private Securities Litigation Reform Act of 1995.Forward-looking statements generally can be identified by the use offorward-looking terminology, such as "may," "will," "expect," "intend,""estimate," "anticipate," "believe," "project" or "continue" or the negativethereof or other similar words.
All forward-looking statements involve risksand uncertainties, including, but not limited to, customer acceptance andmarket share gains, competition from companies that have greater financialresources; introduction of new products into the marketplace by competitors;successful product development; dependence on significant customers; theability to recruit and retain quality employees as Biosensors grows; andeconomic and political conditions globally. Actual results may differmaterially from those discussed in, or implied by, the forward-lookingstatements. The forward-looking statements speak only as of the date of thisrelease and Biosensors assumes no duty to update them to reflect new, changingor unanticipated events or circumstances.
Singapore Biosensors expects to be profitable H2 '09
SINGAPORE, Jan 18 (Reuters) - Singapore-listed Biosensors International
"We believe in the first half we would continue to make losses, but in the fourth quarter or second half we will be in a position to break-even or even turn a profit," said Lu in a media conference call.
Singapore-listed Biosensors also said on Friday it has received European regulatory approval for its BioMatrix heart stents.
"We believe in the first half we would continue to make losses, but in the fourth quarter or second half we will be in a position to break-even or even turn a profit," said Lu in a media conference call.
Singapore-listed Biosensors also said on Friday it has received European regulatory approval for its BioMatrix heart stents.
OCBC Report - 18 Jan 2008
Bright World: Foundations laid for a bright future
We visited Bright World Precision Machinery (BWPM) new factory recently. According to management, the new plant will lay the foundation for the growth for the next five years. For this year, BWPM believes it is in a sweet spot due to the growing demand for higher tonnage and more sophisticated stamping machines as the Chinese government continues to encourage local companies to upgrade their manufacturing capabilities. However on the operations side, management admits that its biggest challenge is rising raw material prices, which has affected margins slightly in 4Q07, as its next planned hike in ASP is in early 2008. We are leaving our sales forecasts unchanged but will be paring back our earnings estimates for FY07 by 3.9% and FY08 by 3.1% to account for slight margin compression. And to reflect tighter credit conditions in China, our DCF-based fair value also drops slightly from S$0.80 to S$0.76, or an inexpensive 9.4x FY08F PER given the 20% bottom-line growth expected. We retain our BUY rating.
Foundations laid for a bright future. We visited Bright World Precision Machinery (BWPM) recently to have a look at its new factory which is the final stages of installation. When the new factory becomes fully operational by end 1H08, it will add another 100,000 sq metres (sqm) of production floor space, increasing the overall figure to 230,000 sqm. With the new factory’s 160-ton lifting capacity (versus 32 tonnes currently), this should enable BWPM to manufacture higher tonnage stamping machines which typically come with higher margins. According to management, the new plant will lay the foundation for the growth for the next five years.
FY08 outlook remains upbeat. For this year, BWPM believes it is in a sweet spot due to the growing demand for higher tonnage and more sophisticated stamping machines as the Chinese government continues to encourage local companies to upgrade their manufacturing capabilities. And because its products are used across diverse industries, management believes that BWPM has a viable long-term business with high barriers to entry, and should be able to ride out any short-term fluctuations with aplomb. Already, BWPM has started to invest for the future with the construction of another factory for its new cutting and bending machines, which it is already producing in small quantities in its existing factory. As the investment will be for new products, and not existing products, management believes it will not lead to excess capacity.
Raw material prices a bane. However on the operations side, management admits that its biggest challenge is rising raw material prices. Although BWPM already has plans to increase its ASP in early 2008 to help offset higher material costs, there was an unexpected increase of 5-10% in 4Q07 and this has affected margins for the quarter. On the bright side, BWPM notes that the higher raw material prices will affect the weaker competitors more and possibly weed some of them out. This will also present some M&A opportunities for BWMP to acquire technology and skilled labour at a cheap price.
New fair value at S$0.76. We are leaving our sales forecasts unchanged but will be paring back our earnings estimates for FY07 by 3.9% and FY08 by 3.1% to account for slight margin compression. And to reflect tighter credit conditions in China, our DCF-based fair value also drops slightly from S$0.80 to S$0.76, or an inexpensive 9.4x FY08F PER given the 20% bottom-line growth expected. We retain our BUY rating.
Source
We visited Bright World Precision Machinery (BWPM) new factory recently. According to management, the new plant will lay the foundation for the growth for the next five years. For this year, BWPM believes it is in a sweet spot due to the growing demand for higher tonnage and more sophisticated stamping machines as the Chinese government continues to encourage local companies to upgrade their manufacturing capabilities. However on the operations side, management admits that its biggest challenge is rising raw material prices, which has affected margins slightly in 4Q07, as its next planned hike in ASP is in early 2008. We are leaving our sales forecasts unchanged but will be paring back our earnings estimates for FY07 by 3.9% and FY08 by 3.1% to account for slight margin compression. And to reflect tighter credit conditions in China, our DCF-based fair value also drops slightly from S$0.80 to S$0.76, or an inexpensive 9.4x FY08F PER given the 20% bottom-line growth expected. We retain our BUY rating.
Foundations laid for a bright future. We visited Bright World Precision Machinery (BWPM) recently to have a look at its new factory which is the final stages of installation. When the new factory becomes fully operational by end 1H08, it will add another 100,000 sq metres (sqm) of production floor space, increasing the overall figure to 230,000 sqm. With the new factory’s 160-ton lifting capacity (versus 32 tonnes currently), this should enable BWPM to manufacture higher tonnage stamping machines which typically come with higher margins. According to management, the new plant will lay the foundation for the growth for the next five years.
FY08 outlook remains upbeat. For this year, BWPM believes it is in a sweet spot due to the growing demand for higher tonnage and more sophisticated stamping machines as the Chinese government continues to encourage local companies to upgrade their manufacturing capabilities. And because its products are used across diverse industries, management believes that BWPM has a viable long-term business with high barriers to entry, and should be able to ride out any short-term fluctuations with aplomb. Already, BWPM has started to invest for the future with the construction of another factory for its new cutting and bending machines, which it is already producing in small quantities in its existing factory. As the investment will be for new products, and not existing products, management believes it will not lead to excess capacity.
Raw material prices a bane. However on the operations side, management admits that its biggest challenge is rising raw material prices. Although BWPM already has plans to increase its ASP in early 2008 to help offset higher material costs, there was an unexpected increase of 5-10% in 4Q07 and this has affected margins for the quarter. On the bright side, BWPM notes that the higher raw material prices will affect the weaker competitors more and possibly weed some of them out. This will also present some M&A opportunities for BWMP to acquire technology and skilled labour at a cheap price.
New fair value at S$0.76. We are leaving our sales forecasts unchanged but will be paring back our earnings estimates for FY07 by 3.9% and FY08 by 3.1% to account for slight margin compression. And to reflect tighter credit conditions in China, our DCF-based fair value also drops slightly from S$0.80 to S$0.76, or an inexpensive 9.4x FY08F PER given the 20% bottom-line growth expected. We retain our BUY rating.
Source
DBSVickers Report - 18 Jan 2008
CDL Hospitality Trusts Largest Singapore hotel owner, direct RevPAR play
Story: We hosted CDL Hospitality Trusts (CDL HT) at The Pulse of Asia Conference. Management reiterated their positive views on the hotel sector in Singapore.
Point: Key takeaways are:
(i) CDL HT is now the largest hotel owner in Singapore, and likely to remain Singapore-centric over the next 2-3 years;
(ii) asset enhancement was explored, but thwarted by rising construction costs; and
(iii) smaller hotels with better control on room rates and smaller F&B component with lower margins offer better yield-enhancing opportunities, as illustrated by the strong performance of Copthorne King’s Hotel.
Relevance: We reiterate CDL HT, as our top pick for the hotel sector. The counter is well positioned to leverage on the rising RevPAR in Singapore. We have a BUY call on CDL HT with target price of S$2.90 per unit. The stock is trading at an attractive FY08 yield of 4.9% and 5.9% yield for FY09, underpinned by growth of 26% and 21%, respectively.
Story: We hosted CDL Hospitality Trusts (CDL HT) at The Pulse of Asia Conference. Management reiterated their positive views on the hotel sector in Singapore.
Point: Key takeaways are:
(i) CDL HT is now the largest hotel owner in Singapore, and likely to remain Singapore-centric over the next 2-3 years;
(ii) asset enhancement was explored, but thwarted by rising construction costs; and
(iii) smaller hotels with better control on room rates and smaller F&B component with lower margins offer better yield-enhancing opportunities, as illustrated by the strong performance of Copthorne King’s Hotel.
Relevance: We reiterate CDL HT, as our top pick for the hotel sector. The counter is well positioned to leverage on the rising RevPAR in Singapore. We have a BUY call on CDL HT with target price of S$2.90 per unit. The stock is trading at an attractive FY08 yield of 4.9% and 5.9% yield for FY09, underpinned by growth of 26% and 21%, respectively.
CIMB Report - 18 Jan 2008
What’s on the table
Wilmar International (S$4.49) - Price control concern offers buying opportunity Wilmar’s share price slipped 8% yesterday partly on concerns over the potential negative impact of a new price control measure in China, we believe.
We think the sell-down is overdone and expect Wilmar to weather this new measure better than most of its peers as the group enjoys better economies of scale and has a strong record of buying input at competitive prices.
Furthermore, Wilmar may be able to offset weaker profit margins through higher sales volume, further strengthening its market position in China. There is no change to our earnings forecasts, target price of S$5.70 (25.8x CY08 P/E) or Outperform rating.
Potential share-price catalysts include the removal of price restrictions in China and possible earnings-accretive M&As.
Quick Takes
Wilmar International (S$4.49) - Price control concern offers buying opportunity Wilmar’s share price slipped 8% yesterday partly on concerns over the potential negative impact of a new price control measure in China, we believe.
We think the sell-down is overdone and expect Wilmar to weather this new measure better than most of its peers as the group enjoys better economies of scale and has a strong record of buying input at competitive prices.
Furthermore, Wilmar may be able to offset weaker profit margins through higher sales volume, further strengthening its market position in China. There is no change to our earnings forecasts, target price of S$5.70 (25.8x CY08 P/E) or Outperform rating.
Potential share-price catalysts include the removal of price restrictions in China and possible earnings-accretive M&As.
Quick Takes
- SIA Engineering (S$4.35) - Secures S$116m maintenance contract
- Singapore Press Holdings (S$4.37) - In an enviable position
- Straits Asia Resources (S$2.93) - FY08 pricing largely capped
- Non-Oil Domestic Trade - Lousy end to the year News of the Day
- Bush, Bernanke back economic rescue plan
- Hotels, eateries top profit growth in 2007
- Technics unit gets $22m contract
- Hong Leong Asia expects 20% annual revenue growth
- Three Allco Reit properties gain $121m in value
- A-Reit's portfolio hit record occupancy of 99% at end-2007
- AIS sees 1m new subscribers despite competition
Thursday, January 17, 2008
新加坡股市收盘走高；投资者未受疲软经济数据影响
新加坡股市周四收盘走高，追随地区其他股市的反弹势头，本交易日市场呈现振荡格局，后市早些时候公布的非石油出口数据出人意料的走软，但投资者基本没有理会该数据。
新加坡海峡时报指数盘中一度跌至3008.13点，收盘时出现反弹，上涨81.39点，至3139.88点，涨幅2.7%。
本交易日共有484只股票上涨，349只下跌。本地一位交易员称，股市显示出一定抗跌性，未跌破心理关口3000点，市场信心随之重建。
他补充称，疲软的非石油出口数据未影响到市场，因为投资者主要关注于美国经济衰退的可能性。
该交易员称，由于投资者仍将笼罩在一定担忧情绪中，预计未来几个交易日市场还将上演类似周四的振荡行情。
新加坡海峡时报指数盘中一度跌至3008.13点，收盘时出现反弹，上涨81.39点，至3139.88点，涨幅2.7%。
本交易日共有484只股票上涨，349只下跌。本地一位交易员称，股市显示出一定抗跌性，未跌破心理关口3000点，市场信心随之重建。
他补充称，疲软的非石油出口数据未影响到市场，因为投资者主要关注于美国经济衰退的可能性。
该交易员称，由于投资者仍将笼罩在一定担忧情绪中，预计未来几个交易日市场还将上演类似周四的振荡行情。
Tuesday, January 15, 2008
中国反对国家开发银行投资花旗计划
华尔街再次来敲北京的门。这一次它空手而回。
中国政府对中国国家开发银行(China Development Bank)投资花旗集团(Citigroup Inc.)计划所持的明显反对态度表明，对于迫切希望获得资金的西方银行来说，中国作为现金来源的作用也是有限的。
这也说明，尽管中国近期在海外进行了多起大型交易，但政府内部对于应如何支配中国的资金仍存在巨大分歧。
据知情人士透露，中国高层已决定不予支持这一已酝酿了数周的投资计划。中国的主权财富基金中国投资有限责任公司(China Investment Corp.)去年12月曾向摩根士丹利(Morgan Stanley)注资50亿美元以助其重建资本基础。
面对次贷危机以及将表外投资记入公司帐户的决定所带来的损失，花旗计划进行第二轮融资以改善资产负债状况。作为该计划的一部分，花旗曾希望向中国国家开发银行出售价值约20亿美元的股权。花旗集团定于周二公布第四季度业绩，并可能宣布更多冲销，届时也有望宣布来自主权财富基金和其他投资者的注资计划。
知情人士称，花旗集团预计会裁员2万至3万人。尽管一些人上周已经得到了解聘通知，但预计大部分裁员都将在本周完成。知情人士还说，花旗集团在融资方面仍很顺利，目前融资额有望超过100亿美元。这位人士表示，不存在需求不足的问题。去年11月底，中东主权财富基金阿布扎比投资局(Abu Dhabi Investment Authority)曾向花旗集团投资75亿美元。中国领导人反对国家开发银行投资花旗集团的具体理由尚不清楚。
国家开发银行宣传处处长杨华表示，她并不知悉任何关于国家开发银行投资花旗集团的计划，对中国政府反对此类投资的消息也并不知情。中国避免对美国金融领域再一次仓促投资，这一点或许暗示，随着主权财富基金所引发的忧虑情绪的日益加剧，
中国希望保持低调，另一个原因可能是在难以判断资产价格是否触底时它不愿贸然投入更多资金。中国在海外市场的投资经验仍然不足，迄今为止对百仕通集团(Blackstone Group)和巴克莱(Barclays PLC)的巨额投资都亏损累累。
中国政府拥有几乎所有大型金融机构的控股权，对国家开发银行更是持有其全部股权。隶属于国有金融集团的中国上市证券公司中信证券(Citic Securities)去年下半年同意向华尔街的贝尔斯登公司(Bear Stearns Cos.)投资10亿美元；贝尔斯登也向中信证券投资10亿美元，不过时限更长一些。
但中国高层领导就算不对所有重大举措都予以否决，也不见得会对这些公司的行动予以配合。同其他一些主权投资者不同，中国在从事大型交易方面仍是新手。只是在过去几年里中国的贸易顺差才爆炸性增长，使其拥有了超过1.5万亿美元的外汇储备，一度陷入困境的金融机构的实力也大为增强。北京经济研究机构龙洲经讯(Dragonomics)的董事总经理葛艺豪(Arthur Kroeber)说，四年前他们还不能想象他们能处于这种地位。
如今，几乎在一夜之间，他们有了雄厚的资金可以到处投资，也有许多身处不同位置的各种人对此发表各种意见……因此才会出现这种在政府层面上未经深思熟虑制定策略的复杂局面。中国政府在考虑是否批准此类交易时还有更深一层的担忧。它并未忘记2005年中国海洋石油有限公司(CNOOC Ltd.)竞购加州联合石油公司(Unocal Corp.)失败带来的政治影响，希望避免公众对投资失利的批评。
葛艺豪说，政府官员确实希望投资海外，但同时也担心政治上的压力。中投公司30亿美元入股百仕通集团引发了中国公众的公开批评，中投公司持有的这部分股权价值迄今为止已经下跌了31%。中投公司是去年成立的国家基金，负责中国外汇储备中2,000亿美元资金的投资。
去年夏季，英国第三大银行巴克莱曾向中国国家开发银行和新加坡淡马锡控股(Temasek Holdings Pte. Ltd.)寻求资金，以收购荷兰银行(ABN Amro Holding NV)。最终收购未能成功，苏格兰皇家银行(Royal Bank of Scotland Group PLC)为首的一个财团战胜了巴克莱。
自中国国家开发银行7月份同意以15亿英镑（合29亿美元）收购巴克莱3.1%的股份以来，后者的股价已经下跌了约三分之一。花旗集团寻求从主权财富基金获得额外注资的决定可能面临着严峻考验。尚不清楚美国政治家和公众能在多大程度上接受一家重要全国性银行的大量股份落入到外国政府手中。
在花旗集团获得阿布扎比投资局的投资以前，沙特王子塔拉勒(Alwaleed bin Talal)自1991年以来一直是其最大的股东。1991年，塔拉勒以5.90亿美元获得了花旗集团前身花旗银行(Citicorp)的15%优先股。Lazard Ltd.是中国国家开发银行投资花旗集团计划的顾问。中国国家开发银行成立于1994年，是中国的三大政策性银行之一。中投公司于去年12月31日向该行注资200亿美元，以将该行转型为一家商业银行。
Genting Int’l invests another RM456m in Resorts World at Sentosa
KUALA LUMPUR: Genting International Plc is pumping in additional S$200 million (RM456.12 million) investment in its wholly owned Resorts World at Sentosa Pte Ltd (RWS) by subscribing to 200 million new shares in the company.
In a statement yesterday, Genting International said the new investment, made via its wholly-owned subsidiary Star Eagle Holdings Ltd, increased its investment in RWS to S$1.1 billion from S$900 million.
Genting International had used proceeds from its three-for-five rights issue of 3.61 million shares at 60 cents apiece for the S$200 million subscription.
Resorts World at Sentosa, a family resort with an estimated investment of S$5 billion, is targeted for completion in 2010.
Source
In a statement yesterday, Genting International said the new investment, made via its wholly-owned subsidiary Star Eagle Holdings Ltd, increased its investment in RWS to S$1.1 billion from S$900 million.
Genting International had used proceeds from its three-for-five rights issue of 3.61 million shares at 60 cents apiece for the S$200 million subscription.
Resorts World at Sentosa, a family resort with an estimated investment of S$5 billion, is targeted for completion in 2010.
Source
雲頂國際4.5億增持聖島賭城
（吉隆坡14日訊）雲頂國際（Genting International）將投資2億新元（約4.5億令吉），增持新加坡聖淘沙賭城股權。
該公司向新加坡交易所指出，上述額外投資，將使公司投資額從9億新元（約20.5億令吉），提高至11億新元（約25億令吉）。
雲頂（GENTING，3182，主板貿易）旗下的雲頂國際，去年11月6日曾指出，由于增加景點及成本揚升，賭城計劃的預算開支將從52億新元（約118億令吉）提高至57億5000萬新元（約131億令吉）。
Source
該公司向新加坡交易所指出，上述額外投資，將使公司投資額從9億新元（約20.5億令吉），提高至11億新元（約25億令吉）。
雲頂（GENTING，3182，主板貿易）旗下的雲頂國際，去年11月6日曾指出，由于增加景點及成本揚升，賭城計劃的預算開支將從52億新元（約118億令吉）提高至57億5000萬新元（約131億令吉）。
Source
New Material Promises to Save LCD, Solar Power Industry
Pictured is an ingot of indium. Indium is currently essential to the LCD and solar cell industries. However, there is estimated to only be a 10 year supply of indium left on Earth.
German researchers claim breakthrough that may salvage the solar industry from the brink of disaster
It sounds like the death knell of the solar power industry -- shrinking Earth supplies of indium, which experts estimate will only last for another decade. Facing its darkest hour, a new breakthrough by researchers at Germany's Max Planck Institute for Polymer Research holds the promise of saving the solar industry from an untimely demise.
Solar cells have always relied on the metal indium, due to its transparency, which is essential to light emission or absorption in electronics. Engineers also regard indium valuable in LCDs and other transparent electrical devices.
However, indium is a relatively rare metal on Earth and existing supplies are rapidly dwindling. Researchers have frantically searched for transparent conducting materials to little avail.A new team claims it may have found the solution in one of the Earth's most abundant elements.
Researchers at the Planck Institute have devised a new approach, utilizing graphene -- single 2D layers of carbon atoms, extracted from graphite -- 10 layers of which are applied to form an electrode. Each layer that comprises the electrode is a mere 5 nm thick.
The material has conductivity comparable or superior to indium and falls just slightly short of indium in transparent character. The current device is 80% transparent to visible light and 100% transparent to infrared light.The team constructed a prototype using a process that will be drastically changed and refined.
The prototype used graphite oxide flakes which were applied to form layers of surface coating between 10 nm to 100 nm thick. The coating was then heated to remove the oxygen, leaving behind a simple graphene-like material.
Assuming a better production process can be devised, mass produced solar cells made cheaply and with even better efficiency. The superior absorption of IR radiation would allow these cells to possibly surpass the production of traditional indium cells by capturing more of the EM spectrum. The team stated that they strongly believe that visible light efficiencies of 90 percent or higher are achievable.
The biggest challenge is that the formation of graphene is difficult and often leaves "creases" of extra carbon atoms. These creases distort light and lower the transparency. A sheet of perfect graphene would have nearly 100% transparency across the EM spectrum, including visible light. One positive, though is that the material is exceptionally stable and resistant to heat and acid, making processing much more viable.
While this discovery is likely 5 to 10 years from seeing serious production, it holds great promise to both provide unprecedented clean power and to provide a viable solution for electronics displays. With the inevitable depletion of indium, this may be one process that is forced to move from theory to mass production at an accelerated rate.
UOB Kayhian - 15 Jan 2008
Wall Street got off to a positive start for the new trading with an overnight rally which lifted the DJIA and Nasdaq to their largest gains this year, following news of better-than-expected earnings by International Business Machines Corp (IBM). The DJIA surged 171.85 points to 12,778.15 while the Nasdaq gained 38.36 points to 2,478.30. The Standard & Poor's 500 Index recovered 15.23 points to 1,416.25 after last Friday’s worst start since 1982. Elsewhere, crude oil prices traded at around US$94/bbl.
From the media, some corporate news:
a) Hoe Leong Corp is acquiring shares in Supreme Energy Pte Ltd (SEPL) by investing US$600,000 for a 60% stake of SEPL, which is engaged in owning, chartering and managing offshore equipment. In addition, Hoe Leong has agreed to grant SEPL an interest-free bridging loan of US$593,750, secured by a mortgage over the barge currently valued at US$3m. SEPL is in the process of buying a steel flat top deck cargo barge for conversion into a floating mud plant barge for drilling and other offshore projects.
b) Holcim (Singapore), a wholly-owned unit of cement, crushed stone, gravel and sand supplier Holcim, has formed a JV with ecoWise Holdings. Holcim Singapore will pay US$3.8m for a 50% stake in ecoWise Materials wholly owned by ecoWise Holdings. ecoWise will receive a one-off gain from the cash injection to help it maintain and operate a plant to recycle and process used copper slag.
c) Pacific Shipping Trust's (PST) current portfolio of eight ships has been valued at US$287m, 15% higher than the book value and close to 6% higher than the total purchase price. The eight vessels had a book value of US$249m as at 31 Dec 07. At the trust's initial public offering in May 06, their total purchase price was listed as US$271m.
d) Qian Hu reported an 81.6% yoy rise in 4Q net profit to S$1.58m for the three months ended 31 Dec 07 as revenue increased 18.9% to S$24.6m. The 4Q results were boosted by a 42.4% gain in operating profit to S$2.32m from its ornamental fish segment.
e) Singapore Press Holdings (SPH) announced a 1.3% yoy climb in 1Q (ended 30 Nov 07) net profit to S$111.9m despite a 66.9% drop in investment income from S$29.7m to S$9.8m. Group operating revenue rose 14.7% to S$312.1m. Earnings per share was seven cents. Profit before investment income reflecting the recurring earnings of the media and property businesses jumped 19.8% from S$105.6m a year ago to S$126.5m, boosted by its newspaper and magazine businesses as well as profit contribution from its Sky@eleven condominium project.
From the media, some corporate news:
a) Hoe Leong Corp is acquiring shares in Supreme Energy Pte Ltd (SEPL) by investing US$600,000 for a 60% stake of SEPL, which is engaged in owning, chartering and managing offshore equipment. In addition, Hoe Leong has agreed to grant SEPL an interest-free bridging loan of US$593,750, secured by a mortgage over the barge currently valued at US$3m. SEPL is in the process of buying a steel flat top deck cargo barge for conversion into a floating mud plant barge for drilling and other offshore projects.
b) Holcim (Singapore), a wholly-owned unit of cement, crushed stone, gravel and sand supplier Holcim, has formed a JV with ecoWise Holdings. Holcim Singapore will pay US$3.8m for a 50% stake in ecoWise Materials wholly owned by ecoWise Holdings. ecoWise will receive a one-off gain from the cash injection to help it maintain and operate a plant to recycle and process used copper slag.
c) Pacific Shipping Trust's (PST) current portfolio of eight ships has been valued at US$287m, 15% higher than the book value and close to 6% higher than the total purchase price. The eight vessels had a book value of US$249m as at 31 Dec 07. At the trust's initial public offering in May 06, their total purchase price was listed as US$271m.
d) Qian Hu reported an 81.6% yoy rise in 4Q net profit to S$1.58m for the three months ended 31 Dec 07 as revenue increased 18.9% to S$24.6m. The 4Q results were boosted by a 42.4% gain in operating profit to S$2.32m from its ornamental fish segment.
e) Singapore Press Holdings (SPH) announced a 1.3% yoy climb in 1Q (ended 30 Nov 07) net profit to S$111.9m despite a 66.9% drop in investment income from S$29.7m to S$9.8m. Group operating revenue rose 14.7% to S$312.1m. Earnings per share was seven cents. Profit before investment income reflecting the recurring earnings of the media and property businesses jumped 19.8% from S$105.6m a year ago to S$126.5m, boosted by its newspaper and magazine businesses as well as profit contribution from its Sky@eleven condominium project.
DBSVickers Report - 15 Jan 2008
Jiutian Earnings visibility has reduced
Story: Together with the announcement of a further 24.5% stake acquisition in a new methanol plant to enhance integration, Jiutian also provides an operation update, indicating a weak 4Q07 owing to high methanol cost and slower ramp-up of its new DMF plant. Besides, our industry observation also suggests weak DMF prices since late 2007, which rings warning bells on our DMF price assumption.
Point: We have adjusted our earnings estimates down by 40%, 48%, and 23% for 2007, 2008 and 2009, respectively. This is to account for potential DMF price weakness, and slower than expected capacity ramp up at its new plant in 4Q 2007. Our 52% EPS CAGR estimate in FY07-09 is now based on more conservative DMF-methanol price spread assumption of RMB2800 per tonne, which is at the lower end in the past two years.
Relevance: Our TP is down to S$0.42, with reduced earnings estimates, and using a lower valuation metric of 12x FY08/09 earnings (vs. 15x previously) to reflect a more challenging operating outlook. Still, we believe that the potential earnings risk over volatile DMF prices have already been factored into our new earnings estimates, and we are maintaining BUY call on the counter. Future earnings catalyst could come from positive updates on its M&A activities.
Story: Together with the announcement of a further 24.5% stake acquisition in a new methanol plant to enhance integration, Jiutian also provides an operation update, indicating a weak 4Q07 owing to high methanol cost and slower ramp-up of its new DMF plant. Besides, our industry observation also suggests weak DMF prices since late 2007, which rings warning bells on our DMF price assumption.
Point: We have adjusted our earnings estimates down by 40%, 48%, and 23% for 2007, 2008 and 2009, respectively. This is to account for potential DMF price weakness, and slower than expected capacity ramp up at its new plant in 4Q 2007. Our 52% EPS CAGR estimate in FY07-09 is now based on more conservative DMF-methanol price spread assumption of RMB2800 per tonne, which is at the lower end in the past two years.
Relevance: Our TP is down to S$0.42, with reduced earnings estimates, and using a lower valuation metric of 12x FY08/09 earnings (vs. 15x previously) to reflect a more challenging operating outlook. Still, we believe that the potential earnings risk over volatile DMF prices have already been factored into our new earnings estimates, and we are maintaining BUY call on the counter. Future earnings catalyst could come from positive updates on its M&A activities.
CIMB Report - 15 Jan 2008
What’s on the table
Raffles Education Corp (S$2.79) - Initiating coverage - In a class of its own We resume coverage with Outperform and DCF-based (10.1% WACC, 3% terminal growth rate) valuation of S$4.00, implying 43% upside.
REC runs 29 colleges in the Asia-Pacific under five education brand names with total enrolment of some 44,000 students, making it one of the largest publicly-listed education companies in Asia with a diversity of courses that include design, psychology, business management, as well as vocational and technical education in nine countries.
Key investment highlights include:
1) Earnings CAGR of 45% over FY08-10, underpinned by economies of scale from operating leverage, organic growth and contributions from recent acquisitions;
2) Successful execution of OUC is critical; and
3) Potential catalysts could come from S$200m worth of acquisitions per year over three years.
In the event that REC's proposed one-to-two stock split is approved, our target price could be adjusted to S$2.00.
Quick Takes
· Jiutian Chemical Group (S$0.27) - Weak industry pricing power…for now
· Chemoil Energy (US$0.4 - New Chairman/CEO appointed
· Singapore Press Hldgs (S$4.60) - 1QFY08 results - Steady earnings delivery
News of the Day
· Converting hotels into condos just got harder
· Qian Hu Q4 earnings surge 81.6%
· Pacific Shipping Trust sees 15% rise in fleet value
· Holcim pays US$3.8m for 50% stake in ecoWise unit
· Bio-Treat makes headway in fight with ex-chairman
· Ellipsiz issues profit warning
Raffles Education Corp (S$2.79) - Initiating coverage - In a class of its own We resume coverage with Outperform and DCF-based (10.1% WACC, 3% terminal growth rate) valuation of S$4.00, implying 43% upside.
REC runs 29 colleges in the Asia-Pacific under five education brand names with total enrolment of some 44,000 students, making it one of the largest publicly-listed education companies in Asia with a diversity of courses that include design, psychology, business management, as well as vocational and technical education in nine countries.
Key investment highlights include:
1) Earnings CAGR of 45% over FY08-10, underpinned by economies of scale from operating leverage, organic growth and contributions from recent acquisitions;
2) Successful execution of OUC is critical; and
3) Potential catalysts could come from S$200m worth of acquisitions per year over three years.
In the event that REC's proposed one-to-two stock split is approved, our target price could be adjusted to S$2.00.
Quick Takes
· Jiutian Chemical Group (S$0.27) - Weak industry pricing power…for now
· Chemoil Energy (US$0.4 - New Chairman/CEO appointed
· Singapore Press Hldgs (S$4.60) - 1QFY08 results - Steady earnings delivery
News of the Day
· Converting hotels into condos just got harder
· Qian Hu Q4 earnings surge 81.6%
· Pacific Shipping Trust sees 15% rise in fleet value
· Holcim pays US$3.8m for 50% stake in ecoWise unit
· Bio-Treat makes headway in fight with ex-chairman
· Ellipsiz issues profit warning
BRC ASIA LIMITED
Announcement of Resignation of Non-Executive Director
Mr. David John Roache had resigned from the services with Acertec plc, which has a deemed interest of approx. 70% in the shares of the Company
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5130FE70A3FA3D6E482573D000147195/$file/DJR.pdf?openelement
Mr. David John Roache had resigned from the services with Acertec plc, which has a deemed interest of approx. 70% in the shares of the Company
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_5130FE70A3FA3D6E482573D000147195/$file/DJR.pdf?openelement
Wall Street Awaits Earnings, Inflation Numbers
Camilla Webster 01.14.08, 6:44 PM ET
After a strong start to the week, Wall Street will digest major earnings news and a fresh batch of inflation data on Tuesday. The market will be digesting a key inflation indicator Tuesday, the Producer Price Index for December.
In the financial sector, Citigroup (nyse: C - news - people ) is set to report fourth-quarter results prior to the market's opening Tuesday, amid reports that the Wall Street titan will cut more than 20,000 jobs and be hit with a $24 billion write-down for the quarter.
Despite the massive write-down that's expected, shares of Citi gained 1.8% on Monday.
Merrill Lynch (nyse: MER - news - people ), also expected to report a huge write-down when it announces fourth-quarter earnings this week, gained 2.3% Monday.
An early tech rally pushed the Dow Jones industrial average to a triple-digit gain, led by an early report of a stellar fourth quarter from IBM (nyse: IBM - news - people ). The multinational tech firm said it will report earnings of $2.80 a share for the fourth quarter, handily beating the Street's estimate of $2.60.
IBM's positive news sparked a furious rally in tech stocks, with the Nasdaq adding 1.6% for the day after having fallen sharply at the start of 2008. Apple (nasdaq: AAPL - news - people ) helped lead the way, gaining 3.5%, a day before the Macworld conference and expo.
Last year at Macworld, Apple CEO Steve Jobs unveiled the iPhone, and investors are hoping to be similarly wowed this year, particularly as Amazon.com (nasdaq: AMZN - news - people ) prepares to ramp up its rival to the iTunes music store. Amazon shares were up over 2%.
Source
Camilla Webster 01.14.08, 6:44 PM ET
After a strong start to the week, Wall Street will digest major earnings news and a fresh batch of inflation data on Tuesday. The market will be digesting a key inflation indicator Tuesday, the Producer Price Index for December.
In the financial sector, Citigroup (nyse: C - news - people ) is set to report fourth-quarter results prior to the market's opening Tuesday, amid reports that the Wall Street titan will cut more than 20,000 jobs and be hit with a $24 billion write-down for the quarter.
Despite the massive write-down that's expected, shares of Citi gained 1.8% on Monday.
Merrill Lynch (nyse: MER - news - people ), also expected to report a huge write-down when it announces fourth-quarter earnings this week, gained 2.3% Monday.
An early tech rally pushed the Dow Jones industrial average to a triple-digit gain, led by an early report of a stellar fourth quarter from IBM (nyse: IBM - news - people ). The multinational tech firm said it will report earnings of $2.80 a share for the fourth quarter, handily beating the Street's estimate of $2.60.
IBM's positive news sparked a furious rally in tech stocks, with the Nasdaq adding 1.6% for the day after having fallen sharply at the start of 2008. Apple (nasdaq: AAPL - news - people ) helped lead the way, gaining 3.5%, a day before the Macworld conference and expo.
Last year at Macworld, Apple CEO Steve Jobs unveiled the iPhone, and investors are hoping to be similarly wowed this year, particularly as Amazon.com (nasdaq: AMZN - news - people ) prepares to ramp up its rival to the iTunes music store. Amazon shares were up over 2%.
Source
Monday, January 14, 2008
柳州：发展有色金属产业 打造“中国铟谷”
新华网广西频道１月８日电（记者覃广华）近年来，广西柳州抓住铟资源，发展铟产业，打造“中国铟谷”。按照计划，到２０１０年，以铟为主的有色金属产业要成为柳州市继汽车、冶金、机械三大支柱产业之后的又一个新的支柱产业。
铟熔点低，延展性和传导性良好，在电子电信、光电领域、航空航太、国防、通讯等领域起着无可替代的作用，是制造液晶等显示产品不可缺少的原料，同时也是制造新一代铜铟硒高效太阳能电池（ＣＩＳ）的核心材料和制造下一代电脑晶片（ＩｎＳｂ）的关键材料。全世界铟的地质储量仅为１.６万吨，约为黄金储量的１／６。
资料显示，中国的铟储量居世界首位，中国铟资源集中分布在广西、云南和内蒙古等地，广西的储量居世界第一，精铟产能达到２２５吨，其中原生铟１７０吨左右。
２００６年，柳州精铟的生产能力达到１８５吨，成为全国乃至世界最主要的铟生产基地。
２００５年５月，世界上第一个铟金属交易中心在柳州成立，结束了铟金属这个战略资源长期为日本人控制的历史。
记者从柳州高新区管委会获悉，到２０１０年，柳州高新区计划引进铟下游加工企业３０-４０家，包括生产铟靶材、半导体材料、无铅焊料、无汞锌粉、绿色电池、高档镀膜玻璃、节能建筑材料等一批公司，产值目标１００亿元以上，形成柳州高新区以铟为主的特色特色高新技术产业集群。
当前，柳州市采取的主要措施有：
第一，树立以资源换技术，以平台研发技术的新观念，重点抓好铟资源的整合、储备、交易，建设好柳州铟锡锑工程技术中心、柳州铟金属国家检测中心、柳州广西铟谷交易中心三大平台建设。创新研发模式，主动与国际先进园区台湾新竹工业园共建国际光电孵器。创新招商模式，主动与日本、美国、英国、法国等对铟下游产业先进发达国家的对接，重点在ＩＴＯ靶材、太阳能电池、液晶显示器、镀膜玻璃等方面引进项目，打开国内对铟下游产业的应用市场。
第二，通过资源的独特性关注人才，产业的先进性招揽人才，环境的开放性吸引人才，生活的舒适性稳住人才，服务的效率性影响人才，源源不断的为铟谷打造奠定人才基础。
第三，建立柳州市创业风险投资引导基金，由市财政注入一定的资本金；其次是采取由政府引导，企业和战略投资者共同创建创业风险投资公司的做法。目前，柳州高新区与温州京华投资公司组建柳州高新创业风险投资公司，政府方的利益主要是扶持，不以盈利为目的，在成熟时可以退出。
第四，在打造“中国铟谷”中，一是要制定专门发展以铟为主的有色金属新材料的优惠政策；二是搞好柳州国家新材料园区规划，专门划出不少于１０００亩的空间，作为铟谷的核心区域，开展铟为主有色金属的上下游的研究、技术研发。
第五、强化产、学、研互动，促使“中国铟谷”成为人才与技术、资源、产业交叉结合的“洼地”，激励科技人员不断创造新成果。（完）
SOURCE
铟熔点低，延展性和传导性良好，在电子电信、光电领域、航空航太、国防、通讯等领域起着无可替代的作用，是制造液晶等显示产品不可缺少的原料，同时也是制造新一代铜铟硒高效太阳能电池（ＣＩＳ）的核心材料和制造下一代电脑晶片（ＩｎＳｂ）的关键材料。全世界铟的地质储量仅为１.６万吨，约为黄金储量的１／６。
资料显示，中国的铟储量居世界首位，中国铟资源集中分布在广西、云南和内蒙古等地，广西的储量居世界第一，精铟产能达到２２５吨，其中原生铟１７０吨左右。
２００６年，柳州精铟的生产能力达到１８５吨，成为全国乃至世界最主要的铟生产基地。
２００５年５月，世界上第一个铟金属交易中心在柳州成立，结束了铟金属这个战略资源长期为日本人控制的历史。
记者从柳州高新区管委会获悉，到２０１０年，柳州高新区计划引进铟下游加工企业３０-４０家，包括生产铟靶材、半导体材料、无铅焊料、无汞锌粉、绿色电池、高档镀膜玻璃、节能建筑材料等一批公司，产值目标１００亿元以上，形成柳州高新区以铟为主的特色特色高新技术产业集群。
当前，柳州市采取的主要措施有：
第一，树立以资源换技术，以平台研发技术的新观念，重点抓好铟资源的整合、储备、交易，建设好柳州铟锡锑工程技术中心、柳州铟金属国家检测中心、柳州广西铟谷交易中心三大平台建设。创新研发模式，主动与国际先进园区台湾新竹工业园共建国际光电孵器。创新招商模式，主动与日本、美国、英国、法国等对铟下游产业先进发达国家的对接，重点在ＩＴＯ靶材、太阳能电池、液晶显示器、镀膜玻璃等方面引进项目，打开国内对铟下游产业的应用市场。
第二，通过资源的独特性关注人才，产业的先进性招揽人才，环境的开放性吸引人才，生活的舒适性稳住人才，服务的效率性影响人才，源源不断的为铟谷打造奠定人才基础。
第三，建立柳州市创业风险投资引导基金，由市财政注入一定的资本金；其次是采取由政府引导，企业和战略投资者共同创建创业风险投资公司的做法。目前，柳州高新区与温州京华投资公司组建柳州高新创业风险投资公司，政府方的利益主要是扶持，不以盈利为目的，在成熟时可以退出。
第四，在打造“中国铟谷”中，一是要制定专门发展以铟为主的有色金属新材料的优惠政策；二是搞好柳州国家新材料园区规划，专门划出不少于１０００亩的空间，作为铟谷的核心区域，开展铟为主有色金属的上下游的研究、技术研发。
第五、强化产、学、研互动，促使“中国铟谷”成为人才与技术、资源、产业交叉结合的“洼地”，激励科技人员不断创造新成果。（完）
SOURCE
UOB Kayhian Report - 14 Jan 2008
US stocks headed south last Friday as lower-than- estimated profit forecasts at American Express Co. as well as Tiffany & Co. heightened concern that the US economy is shrinking, which resulted in Standard & Poor's 500 Index having its worst start since 1982. The S&P 500 fell 19.31 points or 1.4% to 1,401.02.
The benchmark indexes also plunged on Treasury Secretary Henry Paulson's warning that growth slowed ``rather materially'' at the end of last year. The DJIA tumbled 246.79 points or 1.9% to 12,606.30 while the Nasdaq was down 48.58 points or 2% to 2,439.94.
Some corporate news from the media:
a) Ezra Holdings posted a net profit of S$188.4m for 1Q ended 30 Nov 07, attributed to a massive one-time exceptional gain of S$197.9m from the partial divestment of a stake in Oslo-listed subsidiary EOC, which cut its stake from 88% to 48.9%. Excluding one-time items, recurrent income surged 270% to S$16.6m as revenue more than doubled from S$32m to S$67.2m from contributions by new vessels, including anchor handling, towing and supply (AHTS) ships coming onstream as well as higher charter rates due to continued expansion of the red-hot oil and gas industry.
b) Old Chang Kee is now launching a second wave of overseas expansion despite failed attempts to enter Japan, Myanmar, China, New Zealand and South Africa in the early 1990s. Having started three outlets in Chengdu, it plans to open a shop where customers can sit down and have a quick bite with food presented in cups rather than on skewers to differentiate it from the cheap, barbecued meat on skewers commonly sold in China, according to CEO William Lim. He added, curry meals might be introduced, “because Chengdu people perceive curries as good, expensive food”.
c) Singapore Press Holdings (SPH) announced that a wholly owned subsidiary of SPH Magazines, Lianhe Publishing, has sold its entire 49% stake in CittaBella Malaysia Sdn Bhd to Nanyang Press Sdn Bhd for RM650,000 (S$278,000), based on a willing buyer, willing seller basis. Citta Bella Malaysia will continue to be published by CittaBella Malaysia under a licence agreement with SPH Magazines. The transaction has no material impact on the earnings and net tangible assets per share of SPH for the financial year ending 31 Aug 08.
d) STATS ChipPAC plans to return up to US$813m to shareholders through a proposed capital reduction, which works out to 39 US cents a share based on present share capital but 37 US cents a share on a diluted basis, taking into consideration potential new shares to be issued under such schemes as share options and the possible conversion of convertible subordinated notes held by majority shareholder Temasek Holdings. Temasek stands to receive US$684m. Temasek and Singapore Technologies Semiconductors Pte Ltd (STSPL) have been in discussions on the proposed exercise and STATS ChipPAC expects Temasek, through STSPL, to vote in favour of the capital reduction.
e) Yanlord Land Group has launched another batch of apartments at its Shanghai Yanlord Riverside City Phase Two project. The latest batch of the pre-sold apartments commanded an average selling price (ASP) of about Rmb34,500 per square metre (S$6,805) vs around Rmb24,300 for similar apartments sold in Jul 07, driven by continued demand for high-end residential properties in the PRC. According to the company, this represents an increase of approximately 42% in terms of ASP.
The benchmark indexes also plunged on Treasury Secretary Henry Paulson's warning that growth slowed ``rather materially'' at the end of last year. The DJIA tumbled 246.79 points or 1.9% to 12,606.30 while the Nasdaq was down 48.58 points or 2% to 2,439.94.
Some corporate news from the media:
a) Ezra Holdings posted a net profit of S$188.4m for 1Q ended 30 Nov 07, attributed to a massive one-time exceptional gain of S$197.9m from the partial divestment of a stake in Oslo-listed subsidiary EOC, which cut its stake from 88% to 48.9%. Excluding one-time items, recurrent income surged 270% to S$16.6m as revenue more than doubled from S$32m to S$67.2m from contributions by new vessels, including anchor handling, towing and supply (AHTS) ships coming onstream as well as higher charter rates due to continued expansion of the red-hot oil and gas industry.
b) Old Chang Kee is now launching a second wave of overseas expansion despite failed attempts to enter Japan, Myanmar, China, New Zealand and South Africa in the early 1990s. Having started three outlets in Chengdu, it plans to open a shop where customers can sit down and have a quick bite with food presented in cups rather than on skewers to differentiate it from the cheap, barbecued meat on skewers commonly sold in China, according to CEO William Lim. He added, curry meals might be introduced, “because Chengdu people perceive curries as good, expensive food”.
c) Singapore Press Holdings (SPH) announced that a wholly owned subsidiary of SPH Magazines, Lianhe Publishing, has sold its entire 49% stake in CittaBella Malaysia Sdn Bhd to Nanyang Press Sdn Bhd for RM650,000 (S$278,000), based on a willing buyer, willing seller basis. Citta Bella Malaysia will continue to be published by CittaBella Malaysia under a licence agreement with SPH Magazines. The transaction has no material impact on the earnings and net tangible assets per share of SPH for the financial year ending 31 Aug 08.
d) STATS ChipPAC plans to return up to US$813m to shareholders through a proposed capital reduction, which works out to 39 US cents a share based on present share capital but 37 US cents a share on a diluted basis, taking into consideration potential new shares to be issued under such schemes as share options and the possible conversion of convertible subordinated notes held by majority shareholder Temasek Holdings. Temasek stands to receive US$684m. Temasek and Singapore Technologies Semiconductors Pte Ltd (STSPL) have been in discussions on the proposed exercise and STATS ChipPAC expects Temasek, through STSPL, to vote in favour of the capital reduction.
e) Yanlord Land Group has launched another batch of apartments at its Shanghai Yanlord Riverside City Phase Two project. The latest batch of the pre-sold apartments commanded an average selling price (ASP) of about Rmb34,500 per square metre (S$6,805) vs around Rmb24,300 for similar apartments sold in Jul 07, driven by continued demand for high-end residential properties in the PRC. According to the company, this represents an increase of approximately 42% in terms of ASP.
DBSVickers Report - 14 Jan 2008
Ezra Holding (EZRA SP) In line with expectations
Buy S$3.12;
Price Target : S$ 4.00
1Q08 net profit, ex EI, rose 270% yoy to S$16.1m, making up 27% of FY08F.
Revenue benefited from
(1) the full 3-mth contributions of eight vessels that were delivered in 4Q07 – seven AHTS vessels and a crewboat;
(2) 1 launch barge that was delivered after Nov 2006; and
(3) one month operations from one accommodation barge Lewek Chancellor and one pipelaying barge – Lewek Champion.
Gross Margin improvement reflected the rising charter rates. Net EI gain of S$172.3m includes S$197.9m from partial divestment of 39.1% stake in Oslo Bors-listed EOC. This was mainly offset by S$12.4m forex loss arising from translation of cash items denominated in US$ and NOK.
China Auto Electronics Share price has overshoot on the downside
Story: Our check with management over the weekend shows that China Auto’s sales in 4Q 2007 may be weaker than expected, due to slower sales growth from its customers.
Point: We have cut our recurring earnings estimates by 22.7% to RMB90.6m in FY07 and 24.7% to RMB195.6m in FY08, so as to account for the lower than expected utilization rates at China Auto’s factories. While our previous forecasts now appear to be too bullish, on hindsight, the reduced numbers still reflect a strong 196% y-o-y recurring net profit growth in FY07 and 116% growth in FY08. This is underpinned by the bullish outlook for the Chinese automobile component market, and our expectation that China Auto is able to leverage on its status as the largest Chinese company providing wire harness in the PRC.
Relevance: Our fair value has also been adjusted to S$0.875; using a similar 15x PE and the downward revised FY08 EPS. Still, the recent share price weakness does not reflect China Auto’s longer term potential, and we maintain our BUY rating on the counter.
Buy S$3.12;
Price Target : S$ 4.00
1Q08 net profit, ex EI, rose 270% yoy to S$16.1m, making up 27% of FY08F.
Revenue benefited from
(1) the full 3-mth contributions of eight vessels that were delivered in 4Q07 – seven AHTS vessels and a crewboat;
(2) 1 launch barge that was delivered after Nov 2006; and
(3) one month operations from one accommodation barge Lewek Chancellor and one pipelaying barge – Lewek Champion.
Gross Margin improvement reflected the rising charter rates. Net EI gain of S$172.3m includes S$197.9m from partial divestment of 39.1% stake in Oslo Bors-listed EOC. This was mainly offset by S$12.4m forex loss arising from translation of cash items denominated in US$ and NOK.
China Auto Electronics Share price has overshoot on the downside
Story: Our check with management over the weekend shows that China Auto’s sales in 4Q 2007 may be weaker than expected, due to slower sales growth from its customers.
Point: We have cut our recurring earnings estimates by 22.7% to RMB90.6m in FY07 and 24.7% to RMB195.6m in FY08, so as to account for the lower than expected utilization rates at China Auto’s factories. While our previous forecasts now appear to be too bullish, on hindsight, the reduced numbers still reflect a strong 196% y-o-y recurring net profit growth in FY07 and 116% growth in FY08. This is underpinned by the bullish outlook for the Chinese automobile component market, and our expectation that China Auto is able to leverage on its status as the largest Chinese company providing wire harness in the PRC.
Relevance: Our fair value has also been adjusted to S$0.875; using a similar 15x PE and the downward revised FY08 EPS. Still, the recent share price weakness does not reflect China Auto’s longer term potential, and we maintain our BUY rating on the counter.
CIMB Report - 14 Jan 2008
What’s on the table
Banyan Tree Holdings (S$1.71) – Sanctuary of returns We initiate coverage with Outperform and sum-of-the-parts valuation of S$2.75, implying 61% upside. BTH is a leading niche resort operator in Asia-Pacific with two award-winning brands that offer investors exposure to the high-end traveller market.
Key investment highlights include:
1) Tripling of room keys and doubling spa treatment rooms by 2010. 65% of new room keys located in Middle-East and China which are among the fastest growing affluent populations in the world;
2) 2006-2009 core earnings CAGR of 21% will be driven by ROE-enhancing management contracts. BTH is poised to deliver superior recurring ROE to other Asian hotel operators, triggering a re-rating of BTH's current EV/EBITDA valuations to premiums of 5-39% to its peers, up from the current discount of 21-25%;
3) Key catalysts include earnings delivery and active news flow on deal pipeline expansion.
Quick Takes
· OECD Leading Index - Nov 07: Downswing in all major OECD economies
News of the Day
· Industry players feel pinch of rising hotel rates
· Rank Group in the sights of another buyer after Guoco Group
· Singapore Airlines takes delivery of its second A380
· TUI denies report of merger talks with NOL
· MapletreeLog buys warehouse in South Korea
· E3 Holdings in bid to inject fresh life with China expansion drive
Banyan Tree Holdings (S$1.71) – Sanctuary of returns We initiate coverage with Outperform and sum-of-the-parts valuation of S$2.75, implying 61% upside. BTH is a leading niche resort operator in Asia-Pacific with two award-winning brands that offer investors exposure to the high-end traveller market.
Key investment highlights include:
1) Tripling of room keys and doubling spa treatment rooms by 2010. 65% of new room keys located in Middle-East and China which are among the fastest growing affluent populations in the world;
2) 2006-2009 core earnings CAGR of 21% will be driven by ROE-enhancing management contracts. BTH is poised to deliver superior recurring ROE to other Asian hotel operators, triggering a re-rating of BTH's current EV/EBITDA valuations to premiums of 5-39% to its peers, up from the current discount of 21-25%;
3) Key catalysts include earnings delivery and active news flow on deal pipeline expansion.
Quick Takes
· OECD Leading Index - Nov 07: Downswing in all major OECD economies
News of the Day
· Industry players feel pinch of rising hotel rates
· Rank Group in the sights of another buyer after Guoco Group
· Singapore Airlines takes delivery of its second A380
· TUI denies report of merger talks with NOL
· MapletreeLog buys warehouse in South Korea
· E3 Holdings in bid to inject fresh life with China expansion drive
OCBC Report - 14 Jan 2008
FOCUS Ezra Holdings Ltd: Exceptional gain boosted Ezra’s profits
Summary: Ezra Holdings (Ezra) posted an impressive set of 1Q08 results; topline grew by 110% YoY, while bottomline surged 4014% to S$189.2m. Stripping away the following one-off exceptional items, Ezra's recurring net profit rose 250% to S$16.0m.
The proceeds from the divestment in EOC, denominated in NOK, would be used to fund the construction of two 27,000 bhp deepwater MFSVs.
As such, the proceeds resulted in translation currency losses as the NOK depreciated against the strong reporting currency, SGD. Going forward, we note that the Saigon Shipyard would be fully operational by mid 2008.
Taking into consideration the recent gain from EOC’s disposal and the remaining stake in EOC, we expect recurring net income to rise 63% in FY08 and 132% in FY09. Rolling over our valuation to FY09, we maintain our fair value estimate of S$4.02 based on PER 18x FY09. Reiterate BUY. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Tee International: Maintaining growth, but fairly valued at this stage
Summary: Tee International’s (TEE) reported a 50% YoY and HoH drop in 1H08 revenue due to the shift in its focus to property development. However, bottom line improved substantially by 280% YoY and 169% HoH due to the upwards revaluation of its property holdings.
TEE has secured 15 projects to date in Singapore and Malaysia with an approximate value of S$40m, bringing its total outstanding order book to approximately S$73m. We have raised our FY08 net profit estimate from S$2.8m to S$4m, on account of the revaluation of properties.
Management has declared that no dividends will be paid out for FY08, but instead proposed a 3-for-20 bonus share issue and a 1-for-5 bonus warrants issue. Our fair value estimate has been raised from S$0.37 to S$0.51 based on 15x FY08 PER. As TEE is currently trading close to our new fair value, we are upgrading it to a HOLD. (Ritesh Menon)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Property Sector: The niche players
Summary: Recently, we visited four property developers with market cap of S$1b and below to see how this segment of the market is performing. These are Hiap Hoe, Ho Bee, Sim Lim and Soilbuild.
These companies target the mass to mid-tier segment of the property market and two of them (Hiap Hoe and Sim Lian) have the added advantage of tapping on their construction arms as they are developer/contractor.
Sim Lian and Soilbuild have their land banks in suburban areas, and Soilbuild enjoys a reasonable rental income from its business space. Ho Bee and Hiap Hoe are focusing on the mid-to-high end segment, where the bulk of their land banks are located in prime districts.
Although Ho Bee’s residential developments on Sentosa Cove remain its main highlight, it is able to derive stable rental income from its current portfolio of industrial and commercial properties.
Most of these companies have enough projects to ensure earnings visibility till 2009, largely riding on projects already launched or soon-to-launched. We do not have ratings on the four stocks. (Brandon Lee)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- Mapletree Logistics Trust is set to acquire a warehouse in South Korea for S$17.7m, its first acquisition in the country.
- TUI AG, Europe’s largest travel company and owner of the Hapag-Lloyd shipping line, denied a report by a French newspaper that it is in merger talks with Neptune Orient Lines. NOL refused to comment.
- Chemoil Energy has appointed Clyde Michael Bandy as its Chairman and CEO. Mr Bandy has over 35 years experience in the energy industry.
- STATS ChipPAC plans to distribute US$813m to shareholders though a proposed capital reduction. The amount works out to 39 US cents per share based on present share capital.
- A second Airbus A380 joined SIA flight this weekend, which will also be employed on the Singapore-Sydney route. SIA said it has firm orders for another 17 A380s, for a total of 19 aircraft.
- Yanlord Land Group has launched another batch of apartments at its Shanghai Riverside City project. The company said the latest batch of pre-sold apartments commanded an ASP of about 34,500 yuan psm, a 42% increase since July 2007.
- E3 Holdings’, formerly Ei-Nets Holdings, president Anthony Soh unveiled a new China-driven strategy, focusing on real estate in the North-east region as well as solar energy.
Summary: Ezra Holdings (Ezra) posted an impressive set of 1Q08 results; topline grew by 110% YoY, while bottomline surged 4014% to S$189.2m. Stripping away the following one-off exceptional items, Ezra's recurring net profit rose 250% to S$16.0m.
The proceeds from the divestment in EOC, denominated in NOK, would be used to fund the construction of two 27,000 bhp deepwater MFSVs.
As such, the proceeds resulted in translation currency losses as the NOK depreciated against the strong reporting currency, SGD. Going forward, we note that the Saigon Shipyard would be fully operational by mid 2008.
Taking into consideration the recent gain from EOC’s disposal and the remaining stake in EOC, we expect recurring net income to rise 63% in FY08 and 132% in FY09. Rolling over our valuation to FY09, we maintain our fair value estimate of S$4.02 based on PER 18x FY09. Reiterate BUY. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Tee International: Maintaining growth, but fairly valued at this stage
Summary: Tee International’s (TEE) reported a 50% YoY and HoH drop in 1H08 revenue due to the shift in its focus to property development. However, bottom line improved substantially by 280% YoY and 169% HoH due to the upwards revaluation of its property holdings.
TEE has secured 15 projects to date in Singapore and Malaysia with an approximate value of S$40m, bringing its total outstanding order book to approximately S$73m. We have raised our FY08 net profit estimate from S$2.8m to S$4m, on account of the revaluation of properties.
Management has declared that no dividends will be paid out for FY08, but instead proposed a 3-for-20 bonus share issue and a 1-for-5 bonus warrants issue. Our fair value estimate has been raised from S$0.37 to S$0.51 based on 15x FY08 PER. As TEE is currently trading close to our new fair value, we are upgrading it to a HOLD. (Ritesh Menon)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Property Sector: The niche players
Summary: Recently, we visited four property developers with market cap of S$1b and below to see how this segment of the market is performing. These are Hiap Hoe, Ho Bee, Sim Lim and Soilbuild.
These companies target the mass to mid-tier segment of the property market and two of them (Hiap Hoe and Sim Lian) have the added advantage of tapping on their construction arms as they are developer/contractor.
Sim Lian and Soilbuild have their land banks in suburban areas, and Soilbuild enjoys a reasonable rental income from its business space. Ho Bee and Hiap Hoe are focusing on the mid-to-high end segment, where the bulk of their land banks are located in prime districts.
Although Ho Bee’s residential developments on Sentosa Cove remain its main highlight, it is able to derive stable rental income from its current portfolio of industrial and commercial properties.
Most of these companies have enough projects to ensure earnings visibility till 2009, largely riding on projects already launched or soon-to-launched. We do not have ratings on the four stocks. (Brandon Lee)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- Mapletree Logistics Trust is set to acquire a warehouse in South Korea for S$17.7m, its first acquisition in the country.
- TUI AG, Europe’s largest travel company and owner of the Hapag-Lloyd shipping line, denied a report by a French newspaper that it is in merger talks with Neptune Orient Lines. NOL refused to comment.
- Chemoil Energy has appointed Clyde Michael Bandy as its Chairman and CEO. Mr Bandy has over 35 years experience in the energy industry.
- STATS ChipPAC plans to distribute US$813m to shareholders though a proposed capital reduction. The amount works out to 39 US cents per share based on present share capital.
- A second Airbus A380 joined SIA flight this weekend, which will also be employed on the Singapore-Sydney route. SIA said it has firm orders for another 17 A380s, for a total of 19 aircraft.
- Yanlord Land Group has launched another batch of apartments at its Shanghai Riverside City project. The company said the latest batch of pre-sold apartments commanded an ASP of about 34,500 yuan psm, a 42% increase since July 2007.
- E3 Holdings’, formerly Ei-Nets Holdings, president Anthony Soh unveiled a new China-driven strategy, focusing on real estate in the North-east region as well as solar energy.
Sunday, January 13, 2008
Liuzhou Intai Technology Co.,Ltd - 柳州高新区铟泰科技有限公司
柳州高新区铟泰科技有限公司是在柳州高新开发区注册的一家科技型实业公司，是广西省高新技术企业，拥有较强的资金实力和雄厚的技术实力。目前公司正从事铟金属的冶炼及其系列深加工产品的生产和开发，已建成一条年产40吨精铟（In≥99.995%）的生产线。生产工艺是自主开发的，具有国际先进水平，并开发出了高纯铟（99.999%、99.9999%）、氯化铟、氧化铟、硝酸铟、硫酸铟、氢氧化铟、铟粒、铟片、铟锡合金、ITO纳米粉体等一系列铟的深加工产品，另外，公司还生产饲料级氧化锌、硫酸亚铁、硫酸锌。公司目前是中国国内唯一一家专门从事铟生产及深加工的大型铟专业公司，也是全球铟锭产量最大、铟系列深加工产品最多的大型铟专业公司之一。公司已于2001年8月通过了ISO 9002国际质量体系认证和产品认证，同时，公司还拥有自营进出口权。
公司对客户的服务承诺是：“每天二十四小时不间断提供服务” 。
公司的发展目标是成为专门的高新技术材料以及其它相关的高新功能材料加工和开发的高科技企业，向市场提供极具特色的优质服务，发展自己的核心技术，不断开发市场从事铟冶炼和铟系需要的高新材料，以此树立起高科技企业的形象。
Liuzhou Intai Technology Co., Ltd , registered in Liuzhou New and High-tech Zone, is a science and technology-oriented company. As a new and high-tech enterprise in Guangxi province of China, we have quite abundant funds and technology support. At present we are engaged in Indium Metal smelting and its deep processed products producing and developing. We have set up a production line which has a productive capacity of 40 tons of refined Indium (In≥99.995%) per annum. The production process is developed by ourselves, which has reached the international level. We have also developed a series of deep processed products of Indium such as High-purity Indium(99.999%, 99.9999%), Indium Chloride, Indium Oxide, Indium Nitrate, Indium Sulphate, Indium Hydroxide, Indium Shot, Indium Sheet, Indium-Tin Alloy, ITO Powder, etc. In addition, we have also produced Zinc Oxide Feed Grade, Ferrous Sulphate and Zinc Sulphate . So far we are the only large Indium producer who specialized in Indium and its deep processed products production in China. And we are one of the largest Indium producers in the world. We have the most Indium deep processed products in the world. We obtained the ISO9002 Certificate for our quality system and Indium production in August, 2001. At the same time, we have also obtained the import and export authority. “Twenty-four hours continuous services” is our promise to the customers. Our mission is to be a new and high-tech enterprise specialized in new and high-tech materials and other relative new function materials processing. We will do our best to provide the most characteristic and excellent services for the market and develop our key technology to produce more new and high-tech materials in Indium smelting and its deep processing. Only by this can we set an image of new and high-tech enterprise.
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公司对客户的服务承诺是：“每天二十四小时不间断提供服务” 。
公司的发展目标是成为专门的高新技术材料以及其它相关的高新功能材料加工和开发的高科技企业，向市场提供极具特色的优质服务，发展自己的核心技术，不断开发市场从事铟冶炼和铟系需要的高新材料，以此树立起高科技企业的形象。
Liuzhou Intai Technology Co., Ltd , registered in Liuzhou New and High-tech Zone, is a science and technology-oriented company. As a new and high-tech enterprise in Guangxi province of China, we have quite abundant funds and technology support. At present we are engaged in Indium Metal smelting and its deep processed products producing and developing. We have set up a production line which has a productive capacity of 40 tons of refined Indium (In≥99.995%) per annum. The production process is developed by ourselves, which has reached the international level. We have also developed a series of deep processed products of Indium such as High-purity Indium(99.999%, 99.9999%), Indium Chloride, Indium Oxide, Indium Nitrate, Indium Sulphate, Indium Hydroxide, Indium Shot, Indium Sheet, Indium-Tin Alloy, ITO Powder, etc. In addition, we have also produced Zinc Oxide Feed Grade, Ferrous Sulphate and Zinc Sulphate . So far we are the only large Indium producer who specialized in Indium and its deep processed products production in China. And we are one of the largest Indium producers in the world. We have the most Indium deep processed products in the world. We obtained the ISO9002 Certificate for our quality system and Indium production in August, 2001. At the same time, we have also obtained the import and export authority. “Twenty-four hours continuous services” is our promise to the customers. Our mission is to be a new and high-tech enterprise specialized in new and high-tech materials and other relative new function materials processing. We will do our best to provide the most characteristic and excellent services for the market and develop our key technology to produce more new and high-tech materials in Indium smelting and its deep processing. Only by this can we set an image of new and high-tech enterprise.
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Unionmet (Singapore) Limited - 新加坡联合金属有限公司
新加坡联合金属有限公司是在新加坡成立的以金属交易、期货和对外投资为主企业，目前在中国地区控股持有柳州优联锌业有限公司、广西铟泰科技有限公司、柳州有色冶炼股份公司和广西桂平优联矿业公司等多家企业实体。
据了解，2006年新加坡联合金属有限公司工业总产值达到10亿元，实现上缴税收5500万元，安置就业员工近3000人。
其目标是要发展高端等级的氧化锌产品，并要建造50吨级的铟生产基地。
目前该公司立足于在国内特别是广西区内发展有色金属冶炼加工，到2008年规划发展成为年销售收入30亿元的特大型有色金属冶炼、化工制品、高科技产业和期货等综合性科技贸易联合企业。
Source
据了解，2006年新加坡联合金属有限公司工业总产值达到10亿元，实现上缴税收5500万元，安置就业员工近3000人。
其目标是要发展高端等级的氧化锌产品，并要建造50吨级的铟生产基地。
目前该公司立足于在国内特别是广西区内发展有色金属冶炼加工，到2008年规划发展成为年销售收入30亿元的特大型有色金属冶炼、化工制品、高科技产业和期货等综合性科技贸易联合企业。
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Tickets for shows at Resort World's Genting made available via SISTICBy Satish Cheney,
Channel NewsAsia Posted: 13 January 2008 1627 hrs
SINGAPORE: It is now easier for you to book tickets for shows at Resort World's Genting in Malaysia. Singapore's ticketing services company, SISTIC, partnered Genting to sell its show tickets from 10 January.
So getting tickets is just a click away. The company also announced that it has sold and installed its ticketing system at the Venetian Macau.
SISTIC is the largest ticketing service provider in Singapore selling tickets for more than 90 per cent of the arts, entertainment and sporting events. -CNA/vm
Source
Channel NewsAsia Posted: 13 January 2008 1627 hrs
SINGAPORE: It is now easier for you to book tickets for shows at Resort World's Genting in Malaysia. Singapore's ticketing services company, SISTIC, partnered Genting to sell its show tickets from 10 January.
So getting tickets is just a click away. The company also announced that it has sold and installed its ticketing system at the Venetian Macau.
SISTIC is the largest ticketing service provider in Singapore selling tickets for more than 90 per cent of the arts, entertainment and sporting events. -CNA/vm
Source
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