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Singapore, 1 February 2010

Keppel-J. Ray JV wins Brazil’s P-61 TLWP contract worth about US$1b

What is P-61 TLWP (Tension Leg Wellhead Platform) ?

http ://www.marinelog.com/DOCS/NEWSMMIX/2010feb00010.html
http ://www.atlantia.com/seastar/images/scenarios_TLWPwFPSO.jpg

tradersgx ( Date: 02-Feb-2010 01:19) Posted:

Keppel Corporation Ltd

Outperform; Target: S$10.80

2010 Outlook; Bright prospects

• More contracts from Petrobras?
We believe the potential acquisition of a 70% stake in WTorre’s shipyard in Rio Grande do Sul,
Southern Brazil could strengthen Keppel’s position to win some of Petrobras’ seven drillship
tenders (first package of 28 rigs) to be concluded by 1Q10. We also believe Keppel could secure
at least one of the two high-specification rigs (second package) which will be directly owned by
Petrobras, estimated at a minimum US$4,550m.

• S$6.4bn order book; more opportunities.
Our order assumptions for 2010 remain S$3.5bn. Order flows could stream in for Keppel O&M,
including: 1) a US$120m contract from Petrobras for de-commissioning services for ships used in
the conversion of the P-58 FPSO; 2) the formal conversion of a Letter of Intent to a contract for a
P-61 tender-leg platform of US$950m; and 3) the conversion of a second FPSO unit for Ezra
(estimated at US$300m).

• Maintain Outperform and target price of S$10.80;
Still based on sum-of-the-parts valuation. We see share-price upside from higher implied valuations
for Keppel O&M as Keppel O&M appears to be trading at a discount (12x forward P/E) to its
historical average of 16x. We also see upside from accelerated Brazilian order wins and strong,
sustainable O&M margins.

CIMB 02/12/09

daphnecsf ( Date: 01-Feb-2010 23:07) Posted:

Wow, US$1 billion contract, so "duo kong" (fantastic) :)

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Keppel Corporation Ltd

Outperform; Target: S$10.80

2010 Outlook; Bright prospects

• More contracts from Petrobras?
We believe the potential acquisition of a 70% stake in WTorre’s shipyard in Rio Grande do Sul,
Southern Brazil could strengthen Keppel’s position to win some of Petrobras’ seven drillship
tenders (first package of 28 rigs) to be concluded by 1Q10. We also believe Keppel could secure
at least one of the two high-specification rigs (second package) which will be directly owned by
Petrobras, estimated at a minimum US$4,550m.

• S$6.4bn order book; more opportunities.
Our order assumptions for 2010 remain S$3.5bn. Order flows could stream in for Keppel O&M,
including: 1) a US$120m contract from Petrobras for de-commissioning services for ships used in
the conversion of the P-58 FPSO; 2) the formal conversion of a Letter of Intent to a contract for a
P-61 tender-leg platform of US$950m; and 3) the conversion of a second FPSO unit for Ezra
(estimated at US$300m).

• Maintain Outperform and target price of S$10.80;
Still based on sum-of-the-parts valuation. We see share-price upside from higher implied valuations
for Keppel O&M as Keppel O&M appears to be trading at a discount (12x forward P/E) to its
historical average of 16x. We also see upside from accelerated Brazilian order wins and strong,
sustainable O&M margins.

CIMB 02/12/09

daphnecsf ( Date: 01-Feb-2010 23:07) Posted:

Wow, US$1 billion contract, so "duo kong" (fantastic) :)

tradersgx ( Date: 01-Feb-2010 18:16) Posted:

Joint Press Release ( 'o') WoW!!! ('o' )

Keppel-J. Ray joint venture wins Brazil’s P-61 TLWP contract worth about US$ 1 billion

Singapore, 1 February 2010 – FloaTEC Singapore Pte Ltd (FloaTEC Singapore), an equal
joint venture between Keppel FELS Ltd (Keppel FELS) and J. Ray McDermott (J. Ray), has
signed a contract worth about US$ 1 billion with the Papa-Terra Joint Venture, consisting
of PETROBRAS and CHEVRON, to build and operate the P-61 Tension Leg Wellhead
Platform (TLWP). This follows shortly after a Letter of Intention for the unit was issued
by the Papa-Terra Joint Venture to FloaTEC Singapore in October 2009.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_FD7277D00F5767C0482576BD003387C0/$file/PressRel_010210.pdf?openelement

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Joint Press Release ( 'o') WoW!!! ('o' )

Keppel-J. Ray joint venture wins Brazil’s P-61 TLWP contract worth about US$ 1 billion

Singapore, 1 February 2010 – FloaTEC Singapore Pte Ltd (FloaTEC Singapore), an equal
joint venture between Keppel FELS Ltd (Keppel FELS) and J. Ray McDermott (J. Ray), has
signed a contract worth about US$ 1 billion with the Papa-Terra Joint Venture, consisting
of PETROBRAS and CHEVRON, to build and operate the P-61 Tension Leg Wellhead
Platform (TLWP). This follows shortly after a Letter of Intention for the unit was issued
by the Papa-Terra Joint Venture to FloaTEC Singapore in October 2009.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_FD7277D00F5767C0482576BD003387C0/$file/PressRel_010210.pdf?openelement

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( 'o') ( 'o') ( 'o') +0.17 ('o' )('o' )

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HL Asia Commentary:       ( 'o') ( 'o') ( 'o') WoW! ('o' ) ('o' ) ('o' )
In summary, barring unforeseen circumstances and any adverse change in business climate, the Group expects to continue to operate
profitably in the next quarter and next twelve months.

As part of the Group’s efforts to grow its businesses and enhance shareholders’ value, the Group will continue to explore investment
and divestment opportunities. In particular the Group is considering the sale of Karimun quarry. As and when these opportunities materialize,
appropriate announcements will be made.

1. Hong Leong Asia Ltd

Unaudited 9 Months Financial Statement For The Period Ended 30 September 2009
Revenues:       S$3.5billion   <-------     79% of CIMB's FY2009F S$4.45billion    <------- (", )
Net profit:       S$157.4mln <-------    125% of CIMB's FY2009F S$125.1mln      <------- Wow! ('o' )('o' )('o' )

Source: SGX & CIMB-GK Research, Bloomberg   22Jan 2010

2. Henan Xinfei (Hong Leong Asia Ltd holdings 90% shares)

Henan Xinfei’s 9M09 Revenue and Pretax Profit contributions
Revenues:         2009's 9 mths S$850mlns   vs   2008 Full yr S$953mlns <--- 89.2% of FY2008!   (", )
Pretax Profits:   2009's 9 mths   S$82mlns   vs   2008 Full yr   S$97mlns <--- 84.5% of FY2008!   (", )

Source: CIMB-GK Research, Bloomberg   22Jan 2010

3. China Yuchai International Limited (Hong Leong Asia Ltd holdings 26.7% shares); NYSE symbol “CYD”

China Yuchai's For 9 Months Ended Sept 30, 2009
Revenues:    RMB 9.86billions
Net income: RMB 532.5mlns vs 2008 Full year est.RMB 252.4mlns <--- Wow! Only 9 mths has more than 2008's full year +110%! ('o' )

Source: http://www.cyilimited.com/home/ir.html & http://finance.yahoo.com/q/pr?s=CYD

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About China Yuchai Group (China’s largest independent diesel engines manufacturer);

China Yuchai International Limited or CYI is a subsidiary of Hong Leong Asia Ltd (“HLA”) which indirectly holds 26.7%
of its outstanding ordinary shares as well as one special share.

The common stock of CYI is traded on the New York Stock Exchange under the symbol “CYD”.

Quick Financial Synopsis
BRIEF: For the nine months ended 30 September 2009, China Yuchai International Limited's revenue totaled RMB9.86B,
up from RMB1.44B. Net income totaled RMB532.5M, up from RMB78M. Revenues reflect an increase in sales of the
Company products. Net income also reflects an increase in gross margins and higher other income. The Company engages
in the manufacture, assembly & sale of a wide array of light-duty, medium-sized & heavy-duty diesel engines.

CHINA YUCHAI INTERNATIONAL LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENTS For the period ended September 30, 2009

For Quarter Ended Sept 30, 2009
Revenues: RMB 3.49billions
Net income: RMB 248.5mlns

For 9 Months Ended Sept 30, 2009
Revenues: RMB 9.86billions
Net income: RMB 532.5mlns vs 2008 Full year est.RMB 252.4mlns <--- Wow! Only 9 mths has more than 2008's full year +110%! ('o' )

http://www.cyilimited.com/home/ir.html
http://finance.yahoo.com/q/pr?s=CYD

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Hong Leong Asia Ltd

Unaudited 9 Months Financial Statement For The Period Ended 30 September 2009 SGD$

Revenue $3.5billion <------- 79% of CIMB's 2009 full year forecast <------- (", )

Net profit $157.4mln <------- 125% of CIMB's 2009 full year forecast <------- Wow! ('o' )('o' )('o' )

site: SGX

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

22 Jan 2010

Source: Company, CIMB-GK Research, Bloomberg

Hong Leong Asia Ltd

Maintain Outperform; Higher target price of S$6.33 (prev S$3.98)

Financial summary: FY Ended Dec ( SGD$ ) Actual and Forecast

Revenue     FY2007A $3.23billion     FY2008A $3.62billion     FY2009F $4.45billion   <------- (", )
EBITDA    FY2007A $289.5mln       FY2008A $257.4mln      FY2009F $309.1mln
Net profit    FY2007A $95.4mln        FY2008A $42.0mln        FY2009F $125.1mln   <------- (", )

yipyip ( Date: 30-Jan-2010 17:33) Posted:

Indeed, HL Asia's Xinfei having a very good valuations!

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>.

Henan Xinfei’s Revenue and Pretax Profit contributions:

Revenue            FY2007 S$845mlns          FY2008 S$953mlns          FY2009 S$????mlns
pretax profits      FY2007 S$76mlns           FY2008 S$97mlns            FY2009 S$???mlns

From: CIMB-GK Research 22.01.2010

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Hong Leong Asia has under its Consumer Products, Diesel Engines and Industrial Packaging arms,
three leading China-based manufacturing businesses, namely;

1. Henan Xinfei (China’s second largest manufacturer of refrigerators and freezers, produces more
    than 200 models of direct-cooled and frost-free refrigerators, 100 models of freezers and 40 models
    of air-conditioners),
2. China Yuchai Group (China’s largest independent diesel engines manufacturer), and.....

Name of significant subsidiaries:
Henan Xinfei Electric Co., Ltd.                                     Effective equity interest 90%
Henan Xinfei Household Appliance Co., Ltd.                 Effective equity interest 90%
Henan Xinfei Refrigeration Appliances Co., Ltd.            Effective equity interest 90%

http://www.hlasia.com.sg/uploads/HLA_AR2008.pdf

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

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World Economic Forum in Davos, Switzerland January 28, 2010 8:05 AM

Some highlights:

*Tony Hayward, group chief executive of BP (BP), said that though the recession certainly had
crimped energy demand in developed countries, BP is forecasting a 40% increase in energy
consumption among non-OECD nations over the next 20 years. Furthermore, for all the development
initiatives in alternative energy, oil and gas will remain predominant. “Even in the most aggressive
climate change legislation perceived, hydrocarbons will represent 80% of energy consumption
over next 20 years,” Hayward said. He also said that while gasoline demand is now in “structural decline”
in Europe and won’t again exceed 2007 levels, that decline will be more than offset by increased
demand in China alone.

*Peter Voser, CEO of Royal Dutch Shell, also offered his view of energy “realism.” Change in the
energy industry, he said, doesn’t work like an on-off switch. “It takes 25 to 30 years to gain 1% of
global market share from the moment we start investing in a major project,” he said.

http ://brainstormtech.blogs.fortune.cnn.com/2010/01/28/oil-bigs-to-obama-get-real/

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Press release
Singapore, 30 January 2010

Keppel to deliver world’s first newbuild North Sea-compliant floatel

Keppel FELS Limited (Keppel FELS) is on track to deliver Floatel Superior,
the first of two newbuild accommodation semisubmersibles (floatels) safely,
early and within budget to Floatel International.

When delivered in March 2010, the DNV-classed, Floatel Superior, will be the
only newbuild floatel in full compliance with all the latest rules and regulations for
the Norwegian sector.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DC76661C497CD338482576BB001890D1/$file/FloatelSup_Press_release.pdf?openelement

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Economy in U.S. Grew at 5.7% Pace, Biggest Gain in Six Years (Bloomberg - Breaking News)

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closed $1 ('o' )

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Ok la. closed +7cents (", )

tradersgx ( Date: 29-Jan-2010 12:53) Posted:

Keppel Corp upgraded to ‘overweight’ at Morgan Stanley, target price raised to $9.35

29 Jan 2010 11:53

Morgan Stanley has upgraded Keppel Corp.(BN4.SG), the world’s largest rig builder,
to ‘overweight’ from ‘equal weight’ on valuation grounds.

It has raised its target price to $9.35 from $8.30 on roll forward of valuation year, better
fundamentals for property business, more positive view on opportunities in floating,
production, storage and offloading (FPSO) market.

It adds that Keppel’s good order momentum can continue into 2010, believes Keppel is
well positioned to win Brazilian contracts and market likely underestimating potential in
FPSO segment

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( 'o') ( 'o') UP! ('o' ) ('o' ) ('o' )

tradersgx ( Date: 28-Jan-2010 12:00) Posted:

Midas & Rotary will regain ground above $1 soon. JMV up UP! ('o' )

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Keppel Corp upgraded to ‘overweight’ at Morgan Stanley, target price raised to $9.35

29 Jan 2010 11:53

Morgan Stanley has upgraded Keppel Corp.(BN4.SG), the world’s largest rig builder,
to ‘overweight’ from ‘equal weight’ on valuation grounds.

It has raised its target price to $9.35 from $8.30 on roll forward of valuation year, better
fundamentals for property business, more positive view on opportunities in floating,
production, storage and offloading (FPSO) market.

It adds that Keppel’s good order momentum can continue into 2010, believes Keppel is
well positioned to win Brazilian contracts and market likely underestimating potential in
FPSO segment

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Fragrance hotel and property group posts 30.2% rise in net income to $17.6m

Fragrance hotel and property group recorded a turnover of $55.81 million in the fourth quarter of 2009, a 8% decrease from $60.70 million recorded in the corresponding period in 2008. Net income for the period rose 30.2% to 17.62 million from 13.53 million.

28.01.2010

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PROFIT GUIDANCE * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

Jan 28 2010 06:54:11 PM

The Board of Directors of Surface Mount Technology (Holdings) Limited (the "Company") and its subsidiaries
(the “Group”) wishes to inform that the Group expects to report revenue growth in this third quarter of FY2010
as compared to the second quarter of FY2010 due to gradual pickup in customer orders. However, revenue
decreased as compared to the corresponding quarter of last year due to the continued weakness and volatility
of global demand for manufactured goods. . . . . (- - )

The Group expects to report operating loss for the third quarter and the nine months of FY2010. The cost
reduction programs have been producing results. However, the financial performance of the Group has been and
continues to be affected by the depreciation and other fixed cost charges as a result of reduction in business turnover.

The Company will provide details of its financial performance when it releases its results announcement on
Thursday, 11 February 2010.

SGX

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STATS ChipPAC Ltd.
Condensed Consolidated Statements of Operations

Twelve Months Ended December 27, 2009

In thousands of U.S. Dollars

Net income (loss) attributable to STATS ChipPAC Ltd. FY2009 $10,053 vs FY2008 $25,702 -60.9% ..... (- - )

http ://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C491E2CBBA215B0E482576B900308B84/$file/ER4Q2009.pdf?openelement

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+0.095 Cheers!!!

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Midas & Rotary will regain ground above $1 soon. JMV up UP! ('o' )

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Hong Leong Asia Ltd

Value redefined; OUTPERFORM; raised to target price of S$6.33

• Potential listing of Xinfei?
While we reiterate that a stake sale in Xinfei could bring
good value to shareholders, we explore the possibility of listing Xinfei as an
alternative that could achieve the same results and more. We performed a scenario
analysis on the likely outcome of any potential stake sale or listing. Our results show
that our target price has the potential to reach S$9.17, in a blue-sky scenario,
depending on the actual transaction price. In addition, we see the possibility of
shareholders rewarded with special dividends ranging from S$0.71 to S$3.16/share.

• Maintain Outperform;
higher target price of S$6.33 (from S$3.98). Recent strong
performances by Xinfei and Yuchai prompt us to raise our FY09 core EPS estimate
for HLA by 10%, after factoring in higher gross-margin expectations of 22% (from
21.7%).

CIMB Jan 2010