新加坡股市收盘创3个月低点，受美国股市前夜下挫影响

新加坡股市收盘创三个月低点，因投资者对通货膨胀、石油价格创历史高点以及美国股市前夜跌入熊市区域表示担忧。

但受临近收盘时出现的部分逢低买盘提振，新加坡海峡时报指数收盘时脱离盘中低点2862.27点。

海峡时报指数收盘跌25.78点，至2880.45点，跌幅0.9%。

该指数30只成份股中23只下跌。

大盘方面472只股票下跌，145只股票上涨。

市场交投清淡，成交量仅为11亿股。

周三成交量约为12亿股。

DMG & Partners Securities的资深交易主管Gabriel Yap指出，从基本面来看，海峡时报指数短期内或将继续走软。

Yap预计股指近期支撑位看2746点。

Playtech Signs With Genting

Isle of Man-based online gambling software provider Playtech Limited has signed a licensing agreement with Genting International to supply its poker and casino content for the Malaysian firm’s new CircusCasino.com Internet offering.

Genting, which also owns the Stanley chain of land-based casinos in the UK, launched its first online casino on Monday through its Genting Stanley Alderney subsidiary.

“Genting is one of the best known names in the industry and we are very pleased to have reached this agreement with them,” said Mor Weizer, Chief Executive Officer for Playtech.

“The new casino and poker products were specifically designed to appeal to Genting Stanley’s casino players and to allow Genting to diversify its business by providing an online offering to its players.

“The agreement is another example of Playtech's ability to attract additional high quality licensees to its client base. We look forward to a long and rewarding partnership with Genting Stanley Alderney.”

The agreement also includes the provision of Playtech's casino and poker products to other brands from Genting but no financial details were disclosed.

“We are delighted with the new agreement signed with Playtech,” said Peter Nolan, Managing Director Online for Genting.

“We were looking to find a complete solution for the Genting Stanley Alderney offer. Together, we believe that the products delivered by Playtech will provide an experience that mirrors our land-based offer; security, convenience and fun from the group which is the UK’s number one casino operator.”


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过去半年 本地股市表现乏善可陈

在美国次贷问题引发的经济危机、油价持续高涨以及中国股市连跌不止的多重打击下，本地股市过去半年的表现乏善可陈，其中基本材料类股票的跌幅最大，预料股价接下来还会面对波动激烈的局面。
　　
海峡时报指数昨日闭市报2947.54点，今年以来总共下跌518.09点或14.9％，离3月17日创下的2745.96点这个近期最低水平只高出大约201点。
　　
在今年首季度里，市场主要是受到美国次贷危机可能导致当地经济陷入衰退以及金融机构财务困难的困扰，并以摩根大通3月中旬向贝尔斯登(Bear Stearns)注资为转捩点，股市随后略有起色，一度在5月初达到3269.88点的高水平，可惜油价持续高涨，加上中国股市因当地通胀率恶化和银根持续紧缩而走软，造成本地股价的涨势无法维持下去，海指到了上个月又再跌破3000点大关。
基本材料股
跌势最重
　　
在所有行业股票中，基本材料股今年以来的跌势最重，富时海峡时报基本材料指数 (FTSE ST Base Material Index)从去年底的826.43点猛跌30％到昨日的574.35点。
　　
这个指数包括不少化学和钢铁用品股票，在油价高涨所带动的原料价格飙升影响下，它们大都面对盈利率下降的问题，股价纷纷大跌。例如成分股中国能源（China Energy）和九天化工集团(Jiutian Chemical)就在这段期间分别重挫65％和74％。
　　
电信类股票相对而言跌势最轻，富时海峡时报电信指数过去半年从989.59点仅滑落8.3％到907.81点。本地三家电信公司基于不错的股息率以及收益稳定等利好因素，股价今年以来的跌幅都少于10％。
　　
除了原料价格上涨外，上海和香港股市今年以来鲜有起色，也影响了投资者对于龙筹股的购兴。

反映龙筹股表现的建力中国指数(PrimePartners China Index，PPCI)今年以来就猛跌42.4％，昨日闭市报139.01点，连本地龙筹股老大的中远投资（COSCO Corporation）在这段期间也因钢铁价格飙升和一项合约取消而重挫44.6％。
　　
对于本地股接下来的表现，分析师普遍持审慎态度。

花旗集团证券研究认为，由于经济放缓加上通胀率上升，“滞胀”（stagflation）忧虑料在整个下半年困扰投资者，投资要从股市中争取不错回报，恐怕不容易。
　　
大华继显研究则指出，海峡时报指数短期内料会在2800点和3200点之间起落，考虑到本地股市目前的估值不算高以及长期展望乐观，大华继显研究给予本地股市“加磅”建议。

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新加坡股市收盘持平；投资者等待公司业绩报告

新加坡股市周三收盘持平，盘中缺乏交投方向，因投资者在考虑滞胀压力可能对公司业绩产生怎样的影响。

针对近期股市跌势的逢低买盘推动股市在早盘上涨，但股市在后市尾盘遭受重挫，追随了亚洲其他股市的表现。

海峡时报指数收盘基本持平，下跌0.56点，至2906.23点，跌幅0.02%。

海峡时报指数成份股中15只股票下跌，14只股票上涨。

大盘方面，385只股票下跌，161只股票上涨。

市场成交量为12亿股，略高于周二水平。

分析师表示，近期内投资者可能从新加坡采购经理人指数(PMI)和美国6月份就业数据中寻找交投方向。

这两个数据将分别在周三和周四公布。

美国地球科学家：汶川大地震是万年一遇“地震学怪事”

华盛顿法新电）美国地球科学家前日指出，中国汶川大地震是约每2000至1万年才会在该地域发生一次的“地震学怪事”。
　　
这20多年来，麻省理工学院研究队伍一直都在考察四川省周围地区，不过却从未发现任何大地震可能发生的迹象。因此，该研究队伍认为，今年5月12日在四川省发生的里氏7.9级地震（中国方面测定为8级地震）是意料之外的。汶川大地震共有8万多人死亡或失踪。
　　
在美国地质学学会（Geological Society of America）出版的7月份刊物中，一项研究报告把汶川大地震的根源指向地质活动甚少的断层，断层是地球地壳中出现的裂痕。
　　
在地震发生的一年多前，该研究队伍已在四川省西部设立了25个宽频地震仪中心，探测当地的地质活动，以协助其长期研究。
四川可能再受大规模余震影响
　　
同时也是研究队伍成员之一的麻省理工学院地质学和地球物理学教授罗埃登说：“根本没有人想到，这样严重的地震会发生。”
　　
罗埃登表示，“这次的地震确实有点不寻常”，它很可能是因两个分隔但邻接的断层同时崩裂所造成。
　　
不过，科学家警告，由于地震有时是一连串发生的，因此四川地区可能再度受大规模余震影响。
　　
罗埃登指出，四川盆地和西藏高原之间的边界处处是陡坡，属“地质非常不寻常”地段，单是面积50公里的地段，海拔就大约高涨3500公尺。
　　
地震震源就在印度和亚洲两个地壳板块之间的部分边界，两个地壳板块的不间断碰撞，导致喜马拉雅山群和西藏高原形成。
　　
不过，西藏中、西部的大部分地球地壳活动，都发生在肉眼看不见的地方，从而使原本薄弱的地壳底层变粗超过15公里。罗埃登说，该地壳正逐渐从西藏中部向西飘浮，碰到四川盆地时，却得绕过盆地而行，是造成那里的景观如此极端的原因。
　　
罗埃登补充，四川盆地和西藏高原之间的海拔悬殊，是造成根本地质压力，导致大地震的原因。


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新加坡股市收盘走低，因缺乏利好因素指引

新加坡股市周二收盘走低，因缺乏利好因素引导，另外，投资者一直担忧市场是否能够承受高油价和美国经济放缓的冲击。

一位本地分析师称，由于市场人气仍然悲观，市场处于盘整状态。

他称，由于香港股市今日休市，本地市场受到上海市场疲软的拖累。

由于投资者对央行持续收紧货币政策的担忧情绪加剧，上证综合指数收盘下跌3.1%。

因缺乏积极因素指引，新加坡海峡时报指数下跌40.75点，至2906.79点，跌幅1.4%。

海峡时报指数的30只成份股中有25只下跌。

整体市场，有393只股票下跌，139只股票上涨。

成交量低迷，仅为8.733亿股，没有复苏迹象。

Genting International, The UK’s Biggest Casino Operator, Launches CircusCasino.com, Its First Online Brand

CircusCasino.com, which will be operated by Genting Stanley Alderney Limited, is a logical and important strategic step for Genting International in extending its product range for its UK customer base.

The Genting International group’s operations in the UK includes 44 clubs, such as the prestigious Crockfords club in Mayfair as well as the national Circus, Maxims and Mint brands.

Justin Tan, Managing Director, Genting International, said: “Being the UK’s biggest land-based casino operator, it is important for us to meet all the needs of our customers, including the growing demand to be able to play online from the comfort of their homes. It is a significant opportunity for us to leverage the heritage, expertise and reputation of our Group brands.”

CircusCasino.com will offer a market leading range of over 100 casino, card and table games including favourites such as roulette, blackjack, pontoon, baccarat, craps and slots.

Players will also be able to play various cash poker games and tournaments at the time and table limits of their choice.

Players from around the world will be able to access CircusCasino.com and view the Play for Fun games. From launch only players from the UK, Isle of Man and Channel Islands will be able to deposit funds and Play for Real games.

Peter Brooks, Executive Deputy Chairman, Genting Stanley, added: “At Genting Stanley, we have been able to provide our players with a great night out, combining food, entertainment and gaming at any one of our 44 casinos.

Now CircusCasino.com can offer players, in the comfort of their own home, a great night in. “It’s all about choice and our research shows that a growing number of players want this from a brand that they know they can trust.”

CircusCasino.com will allow Genting International to access the growing online market and attract new customers, whilst retaining a greater share of existing customers’ online spend.

The UK online gaming market is estimated to be worth over £1 bn gross win.Peter Nolan, Managing Director, Online said: “We want to reach out to the increasing number of players who want the thrill of a ‘big night out’, or a ‘big night in’. It’s a simple and appealing proposition for customers - security, convenience and fun, from the group which is the UK’s number one casino operator.”

Genting Group is one of Malaysia’s leading multinational corporations, which has more than 27,000 employees and a combined market capitalisation of more than US17 billion.

Genting Stanley Solihull Ltd recently announced a potential £90m investment in a partnership with the NEC (National Exhibition Centre) for the development of a leisure and entertainment complex, including a 2005 Act large casino, on the NEC site in Solihull, Birmingham.

Speaking about the brand, which was officially launched at the group’s elegant Palm Beach casino in Mayfair, Peter Brooks added: “We have a strong customer service ethos and the Group will carry this through to the online brand where the emphasis will be on fun, responsible gaming in your own home.”

Genting Stanley Alderney which operates CircusCasino.com is a wholly owned subsidiary of Genting International.

It places the same high level of importance on social responsibility as Genting Stanley and will operate to the same high standards of care as the land-based casinos.

It is incorporated in Alderney and regulated by the Alderney Gambling Control Commission.


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新加坡股市收盘下跌，因人气疲软；可能会进一步下挫

新加坡股市周一收盘小幅走低，因近期股市疲软走势以及油价创新高导致投资者茫然不知所措。

新加坡海峡时报指数收盘跌8.37点，至2947.54点，跌幅0.3%。

惊慌失措的投资者在早盘指数升至高点2986.53点后选择离场。少数上涨股勉强缩小了大盘的跌幅。

海峡时报指数30只成份股中，21只下跌，1只持平，8只上涨。

整体股市，203只股票走高，340只股票收盘下跌，说明大盘总体人气疲软。

股市交投清淡，成交量与上周五的10亿股持平。

分析师称，市场根基仍不牢固，未来数周充满下行风险。

世界十大未解之迷-UFO之迷

进军美新澳赌场

询及云顶未来的拓展活动，梁铭隆不排除进军更成熟的赌场市场，如拉斯维加斯，近期更在美国待了一个星期，考量买地或收购赌场及上市赌场公司的可能性：“我正在寻找机会，不过现在还是言之过早。

“美国方面的价格变得越来越具吸引力，我相信在未来6至8个月内，会有更多更具吸引力的机会。”

澳门普华永道会计师事务所的博彩业研究主任大炜格林预测，亚洲值数十亿的赌场领域，每年拥有15%增长。

自从新加坡决定撤销赌场管制后，其他区域内的国家，如泰国及日本，也开始步其后尘。

据悉，日本与云顶已进行有关新加坡圣淘沙度假村的洽商活动，而前者可能有机会将同样的模型复制在日本当地。

针对与此，梁铭隆仅透露，云顶将会继续寻求任何区域内及全球的赌博业务。 “我们也可能放眼至澳门地区，尽管目前全球最大的赌场市场说过不会再颁发任何赌场执照，澳门仍旧是另一个潜在机会。”

38亿押注筹码 他补充，云顶有可能通过与执照拥有者建立伙伴关系、或以“收购执照拥有者”的方式，进军澳门市场，云顶已经做好准备，其在截至2007年杪时，共有12亿美元现金（约38亿4千万令吉），是其中押注的筹码。

当然，市场内的挑战也仍然存在。

一旦新加坡两家大型赌场投入运作，加上亚洲其他国家开放这个领域，云顶需要捍卫其云顶高原作为集团皇冠上珠宝的地位。

“预料今年将会斥资超过1亿2千500万美元（约4亿令吉）予度假村升级工作、专注在饮食分行、主题公园及高档酒店上。

云顶是大马唯一拥有执照的赌场，必须按季更换。

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新加坡赌下一个未来

云顶集团进驻新加坡圣淘沙，将在圣淘沙兴建结合环球影城、顶级饭店及豪华赌场的综合度假村，总投资高达60亿星元的圣淘沙名圣世界，已成为新加坡发展观光的新希望。

相对于高度开发新加坡本岛，拥有丰富自然资源和美景的民丹岛，被新加坡政府规划为具有休闲功能的后花园。随着新加坡政府发展赌场经济，民丹岛的开发也将加快脚步。

站在新加坡Mandarin Oriental饭店的房间向外望，滨海湾金沙综合度假村正如火如荼兴建中，二、三部工程用起重机同时作业的景观，令人惊叹。看到这个情景，游客一定忍不住要拿出相机拍照。
新加坡旅游局官员说：「滨海湾金沙的地基都打好了，未来，将以一天一层楼的速度全力赶工，预计今年年底前，就能看见滨海湾金沙的雏型。」

随着大陆崛起，制造业移向中国大陆发展，新加坡决定加码投资观光服务业，希望未来观光业产值能成为新加坡排名前三大的产业。

在争取迪士尼落脚失败后，新加坡政府痛定思痛，陆续引进美国金沙集团及马来西亚云顶集团，并投入上千亿星元经费兴建F1一级方程序赛车场及大型摩天轮（新加坡之眼）后，各种国际上最热门的娱乐到齐，让原本民风保守的新加坡，转眼间变成身着华服、品味特殊的贵妇。

2007年造访新加坡的旅客计1,030万人次，平均停留3.59天，新加坡饭店住房率高达87%，平均房价约202星元，旅游收益大约138亿新元。新旅局规划，西元2015年造访新加坡旅客可达1,700万人次，旅游的收益可达300亿星元。

新加坡政府将国际博彩集团视为发展观光产业重要协作伙伴，企图通过开放赌场引进亚洲各国观光客注意，再创观光产业高峰。除了由美国拉斯维加斯金沙集团投资50亿星元，预计在2009年中完工的滨海湾综合度假村（Marina Bay Sands ）；另由马来西亚云顶集团投资60亿星元，预计在2010年完工的圣淘沙名胜世界（Resorts World at Sentosa）。

世界两大赌场进驻

为创造话题，吸引更多观光客前往新加坡，新加坡政府大手笔投资各项观光硬条件，如造价高达2.4亿美元，3月才刚开幕的新加坡飞行（The Singapore Flyer）摩天轮；以及即将在9月底举行第一场赛事的F1方程序赛车。

新加坡政府也进行新一波的市容整建计画，重新打造乌栉路，并将101公顷的海湾地区，改造成海湾花园；旧高等法院和市政府大厦将改建为新国家艺术馆，预计在2012年开幕。还有投资8亿星元，预计在2011年开幕的新加坡运动娱乐中心。

据了解，两大赌场综合开放案大约引进了新台币4,000多亿元投资，完全由业者自行筹措，新加坡政府只提供土地。当前新加坡观光产业产值，只在所有产业中排名第七，在赌场和其他硬条件陆续开幕后，预估未来观光业产值可前进至前三名。

金沙主攻商务客

最近刚开端使用的新加坡飞行，一开端营运就成为亚洲各国的焦点，和一般摩天轮不同，新加坡飞行采大型包厢设计，可以容纳多人，里面还有空调，可远眺整个新加坡海湾。新加坡旅游局表示，在试营时，就有企业包下多个包厢招待员工，农历年时，还有公司为了讨吉利，在包厢内举行捞金鱼比赛；还有许多新人打算在摩天轮举行婚礼，正式营运后，预估每年可以吸引250万名游客。

面对新加坡政府大手笔的投资，许多新加坡人都显得信心足。一位在游乐区任职的员工表示，虽然物价高涨，大家都觉得经济压力很大，但只要一想到赌场正式营运后，新加坡经济就可一飞冲天，大家都很开心，对未来充满希望。

这两个大型赌场开发案，堪称观察亚洲发展博弈产业的最佳实例。新加坡旅游局帮助，这两个赌场各有不同风格，金沙综合娱乐城以商务客为主，锁定各种大型国际会议和会展；而包含环球影城、海洋公园及海事博物馆等娱乐设施的圣淘沙名胜世界，则锁定家庭和商务客。

金沙的赌场和澳门类似，将采开放式经营；而圣淘沙名胜世界的赌场则设置在最顶级的旅馆中，走高单价路线，目标锁定出手大方的豪客。据了解，圣淘沙名胜世界的赌场将设在最顶级的Maxims Residences旅馆内，占地约1.5万平方米，根据云顶集团的规划，这个赌场将采会员制，初期只邀请云顶集团的VIP客户消费。

圣淘沙走高单价

圣淘沙名胜世界表示，初期锁定的是企业会展客户，只要客户提出需求，他们都会想办法达成，圣淘沙名胜世界拥有顶级会展设施及各项娱乐设施，只要客户有需要，要环球影城晚上开门营业也没有问题。

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环球影城工程花落中国京冶

本报讯 （记者刘珊云）昨天，中国冶金科工集团宣布，世界第六座环球影城——新加坡环球影城总承包工程花落旗下中国京冶工程技术公司，中标工程总额达36亿元，于2009年10月31日完工，2010年开业。这也是中资建筑企业在新加坡获得的最大规模的承包工程。
　　
据了解，此次承包工程业主为新加坡圣淘沙名胜世界私人公司，“圣淘沙名胜世界”由云顶国际投资建设，位于新加坡的圣淘沙岛，是一座新建的综合娱乐城项目，预计2010年开业。


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新闻节目抓拍到最清晰的UFO舰队

New drive-in admission to Sentosa from July

DRIVING to Sentosa will be a breeze when a new cashless payment system kicks in from July .

The existing gantry booths at the entrance to the island at Sentosa Gateway will also be relocated and shifted further in to ease congestion near the Telok Blangah junction.

Admissions to the island from next Tuesday will be processed at new gantry booths which have been set up about 400m after the vehicular bridge, said a statement from Sentosa Leisure Group on Thursday, announcing the changes.

After drivers cross the Sentosa bridge, they will coast along on a two-lane road which will fan out into seven lanes to expedite entry. Six lanes will be operational from July 1. A seventh lane will open next year.

The new gantry booths will continue to be manned by Sentosa's Admission Hosts.

To facilitate entry, drive-in guests will pay for their island admission and vehicle charges via the CashCard inserted in their in-vehicle unit. Deduction for Malaysian registered vehicles will be done using the Autopass.

The admission rates which are $2 per person and $2 per vehicle remain unchanged for now.

To keep the traffic flow smooth, Sentosa is calling on all guests who drive in to ensure they have sufficient value in their cash cards.

The cashless admission system is part of Sentosa?s long-term traffic management plan.

Explained Mr Low Tien Sio, Executive Director of Special Projects, 'We are bolstering the island infrastructure for a much bigger capacity, and going electronic will help bring about faster through-put at admissions, and hence keep the traffic flowing smoothly.'

The new electronic system will cut the average processing time from the current 1 minute to 10 seconds, said Sentosa.

An average of 1,000 passenger vehicles carrying leisure guests pass through admissions on weekdays, and the number goes up to about 3,000 vehicles on weekends.

Source

下月起 开车进入圣淘沙将改用现金卡付费

新加坡讯）从7月1日清晨6时30分起，圣淘沙岛将改用无现金的收费系统，让驾车者及德士乘客使用现金卡支付入岛费。
　　

圣淘沙岛的入岛费维持不变，改变的只是收费形式，以减少车辆通关付费所需的时间。
　　

当无现金收费系统启用时，通往圣淘沙的入口道路将增至6条车道，方便驾车者进入圣淘沙。另一条巴士车道则预计在明年启用。
　　

原本设在新加坡本岛上的收费站也将停止使用，新收费站将往圣淘沙岛内移，以避免直落布兰雅路（Telok Blangah）交界处的交通过于拥挤。
　　

这一系列舒缓交通流量的措施，旨在多管齐下应付2010年圣淘沙综合度假胜地开幕后的车辆流量。

Source

The Mummy Tomb of the Dragon Emperor Trailer (木乃伊3：龙之诅咒)

Brokers' Take

CapitaLand

June 26 close: S$5.69

BNP Paribas, June 26

CAPITALAND has acquired 61.9 per cent of the total retail strata area or 510,418 square feet and the car parks of Sungei Wang Plaza in Kuala Lumpur. At a purchase price of RM595 million (S$250 million), this works out to RM1,166 per square foot (psf), excluding car parks.

The freehold mall is strategically located in Kuala Lumpur's prime shopping belt, Bukit Bintang.
The mall has close to 100 per cent occupancy and attracts 24 million visitors each year. Anchor tenants in Sungei Wang Plaza include Parkson Grand, Giant Supermarket and McDonald's. It is understood that the rental yield is higher than 6.5 per cent, and CapitaLand has issued medium-term notes at a rate believed to be around 4.5 per cent, to fund the acquisition.

For comparison, Starhill Reit's Lot 10 shopping mall, which is located directly opposite Sungei Wang Plaza, is valued at RM402 million, or RM2,309 psf of net lettable area (as of May 2008).

Though the quality of Sungei Wang Plaza is not comparable to Lot 10, due to its ageing condition (it opened in 1977), we think the price is reasonable (50 per cent discount to Lot 10). Also, there is the potential of asset enhancement after the injection into a proposed Reit, which should boost the valuation of the mall significantly.

A RM2 billion retail Reit is on track by end-2008: Sungei Wang Plaza, along with the two malls acquired by CapitaLand in August last year - Gurney Plaza in Penang and Mines Shopping Fair in Selangor - will form the seed assets for the proposed Malaysian Retail Reit.

Collectively, the three assets amounted to RM2 billion, potentially making it the largest Reit in Malaysia. CapitaLand is on track to launch the Reit by end-2008. We believe that CapitaLand will potentially receive higher gain if the asset enhancement of Sungei Wang Plaza is done prior to the injection into the Reit. Asset enhancement is already in progress for the first two assets and is scheduled to be completed by year-end.

Negligible EPS impact; reiterate 'buy': We remain confident that its expansion in the region will continue due to its well-capitalised position. We reiterate 'buy' on CapitaLand, with our target price maintained at S$7.67, equivalent to our estimated RNAV.

BUY

Indofood Agri Resources

June 26 close: S$2.55

DMG & Partners Securites, June 26

KNEE-JERK reaction to higher crude palm oil (CPO) export tax and weaker Malaysian CPO export data: Indofood's share price fell on Wednesday, together with the other Singapore-listed palm oil companies, when news of higher Indonesian CPO export tax levied for July and weaker Malaysia CPO export data broke.

Indonesia's trade ministry raised the base price used to calculate the CPO export tax from US$1,105 per tonne in June to US$1,144 per tonne in July. The tax rate on CPO shipments will be raised from 15 per cent to 20 per cent accordingly.

According to the independent surveyor, Intertek Agri Services, Malaysia's palm oil exports for the period June 1 to 25 declined 9.4 per cent from the prior month to 899,300 tonnes. For the same period in May, Malaysia exported 993,100 tonnes of palm oil.

Selldown overdone, outlook still positive: We are of a view that the sharp selldown is unwarranted as we have already factored in the higher tax rate in our earnings forecasts. In addition, the macro outlook remains positive.

According to the United States Department of Agriculture's projections, global palm oil consumption for 2008/2009 will grow 6 per cent, reaching 42.7 million tonnes.

On the back of forecast growing demand of palm oil from India and China and persistently high petroleum prices, CPO prices are likely to remain at favourable levels, currently at around RM3,553 (S$1,491) per tonne.

Maintain 'buy', fair value of S$3.34: With the global trend of higher consumption and usage of palm oil and the present high CPO price of about RM3,553 per tonne, we believe that Indofood will continue to enjoy the present conducive environment, especially with its high ratio of mature acreage.

This being so, we are maintaining our 'buy' rating and fair value of S$3.34, using a PE of 14 times (in line with the Singapore and Malaysian plantation companies).

Although Indofood's share price has risen 11.7 per cent since our initiation on the platter as at end-May, our fair value of S$3.34 potentially translates into an additional upside of 29.5 per cent from its closing price of S$2.58.

BUY

SingTel breaks new ground with CEO plan

It is also to reduce to 10% the shares it can issue under a general mandate


(SINGAPORE) Singapore Telecommunications (SingTel) has proposed that its group chief executive, as a director, be subject to the same provisions as the rest of the board - once again taking the lead in raising corporate governance standards.

In addition, Singapore's biggest listed company has agreed to reduce to 10 per cent from 15 per cent the amount of shares it can issue under a general mandate - which has been a contentious issue for minority shareholders worried about dilution.

In its annual report sent to shareholders yesterday, SingTel proposes to amend its Articles of Association to subject the group CEO, as a director, to the same retirement by rotation, resignation and removal provisions as other directors. And 'such provisions will not be subject to any contractual terms that he/she may have entered into with the company'.

At present, the CEO, as a director, is subject to the same retirement by rotation, resignation and removal provisions as the other directors of the company - but this is subject to any contractual terms the person has with the company.

SingTel spokesman Chia Boon Chong declined to reveal the contract terms of Chua Sock Koong, who joined the board in October 2006 and was made group CEO on April 1, 2007.

'This alteration is to make it clear that the CEO, as a director, is subject to the same retirement by rotation, resignation and removal provisions as the other directors and that such provisions will not be subject to any contractual terms that they may have entered into with the company,' Mr Chia said. 'This is part of SingTel's policy to continually assess and improve on its corporate governance practices.'

On the share issue mandate, SingTel is asking shareholders to allow it to lower to 10 per cent from 15 per cent the number of new shares it can issue in a year.

Singapore listing rules allow companies, subject to an annual vote, to issue up to 20 per cent new shares without the need to get additional shareholders' approval, usually for the purpose of funding an acquisition or increasing capital. In Australia, where SingTel is also listed, the share issue mandate is 15 per cent.

But minorities are not happy with this as it dilutes their stake. At SingTel's past shareholders' meetings, this resolution has attracted the highest number of 'no' votes - though parent Temasek's votes have ensured it got through.

'The directors believe that a lower sub-limit of 10 per cent . . . will at present sufficiently address the company's need for flexibility to raise capital and pursue business opportunities whilst providing shareholders enhanced protection against dilution,' SingTel said.

Hugh Young, managing director of Aberdeen Asset Management, said that it is reasonable for a company to have a mandate, which is especially useful when it comes across an acquisition and may have to act fast.

'It's a question of quantum,' he said. 'We do typically vote in favour of 10 per cent - it is within our levels of comfort. Anything over 10 per cent, we are against.'

Mr Young said that his fund owns SingTel shares and has voted against the share issue mandate in the past. But he is full of praise for SingTel's latest moves on improving its corporate governance practices.

'I must not be so laudatory, but they are pretty much a paragon of virtue when it comes to corporate governance,' he said.

Olam to trade wheat, barley, canola in Australia

Olam International Limited on Friday said its subsidiary, Queensland Cotton Holdings (QCH) will open a marketing office in Melbourne on July 1, 2008 to trade in wheat, barley and canola in Australia.

CEO of QCH, Richard Haire said: 'On July 1, 2008, we will open a grain marketing office in Melbourne to trade and export wheat, barley and canola.'

'This move is also consistent with Olam's overall strategic thrust into the Australian agricultural sector by entering into new attractive, related product adjacencies, such as the grains, edible nuts and dairy businesses,' he added.

The Australian government has recently passed legislation to liberalise the wheat industry in the country and is preparing a new bulk wheat export marketing system to be in place by July 1, 2008. QCH will be applying for an export accreditation under this new legislation.

QCH's acquisition of Mt Tyson Seeds in 2003 has since taken the company into the Queensland and northern New South Wales pulses and niche grains markets. QCH also has the broadest ginning and warehousing footprint in Australia which will provide infrastructure and logistics support for the grains business.

QCH's new Melbourne office will be headed by Nathan Brown who has extensive grain trading experience from prior positions with Glencore, AWB and Cargill.

BT Newsroom

SingTel pays $141 mln for more Globe shares

SingTel has bought an additional 3.8 million Globe Telecom shares from Ayala Corporation for 4.6 billion pesos (US$102.8 million).

The acquisition will raise the Singapore telco's stake in Globe -- the second-largest Philippine phone company -- to 47.34 per cent from 44.47 per cent.

Ayala plans to reinvest the 4.6 billion pesos from the sale in its electronic manufacturing and outsourcing businesses, it said in a statement on Friday.

Manila-based Ayala also owns the nation's largest bank by market value and the largest builder.
'Our value as a holding company lies in our ability to re- allocate and turn over capital in order to start new investment cycles,' Ayala chairman and chief executive officer Jaime August Zobel de Ayala said in the statement.

BT Newsroom

Sino wins US$28.6 mln China contract

Sino Construction Limited today said its subsidiary, Daqing City Dazheng Building Installation, has been awarded a contract worth RMB202 million (US$29 million) by Daqing Hi-Tech City Construction Investment Development.

The contract is for the construction of Daqing Service Outsourcing Industrial Park - Phase Two.
The work is expected to start in June 2008 and be completed in December 2008.

Sino said the contract is expected to contribute positively to the group's earnings per share or net tangible assets per share for the current financial year ending December 31, 2008.

BT newsroom